AMERICAN BEACON FUNDS

(Exact name of registrant as specified in charter)

4151 Amon Carter Boulevard, MD 2450
Fort Worth, Texas 76155
(Address of principal executive offices) (Zip code)

Gene L. Needles, Jr., PRESIDENT
4151 Amon Carter Boulevard, MD 2450
Fort Worth, Texas 76155
(Name and address of agent for service)

Registrant’s telephone number, including area code: (817) 391-6100

Date of fiscal year end: October 31, 2011

Date of reporting period: July 31, 2011

I. Schedules of Investments.

American Beacon Balanced Fund
July 31, 2011 (Unaudited)

	Shares		Value
			(000’s)
COMMON STOCK - 58.48%
CONSUMER DISCRETIONARY - 4.81%
Auto Components - 0.35%
Johnson Controls, Inc.		36,700	$	1,356
Magna International, Inc.		31,700		1,546
				2,902
Automobiles - 0.66%
General Motors Co.A		115,300		3,192
Toyota Motor Corp., ADRB		28,800		2,359
				5,551
Hotels, Restaurants & Leisure - 0.44%
Carnival Corp.		54,700		1,822
Wyndham Worldwide Corp.		53,100		1,836
				3,658
Household Durables - 0.33%
D.R. Horton, Inc.		119,000		1,414
Lennar Corp., Class A		77,400		1,369
				2,783
Media - 0.91%
CBS Corp., Class BC		64,100		1,754
Comcast Corp., Class A		130,100		3,037
The Interpublic Group of Cos., Inc.		121,800		1,195
Time Warner Cable, Inc.		21,800		1,598
				7,584
Multiline Retail - 0.57%
JC Penney Co. Inc.		108,900		3,350
Target Corp.		27,950		1,439
				4,789
Specialty Retail - 1.55%
Best Buy Co. Inc.		70,200		1,938
Home Depot, Inc.		58,750		2,052
RadioShack Corp.		73,400		1,022
Staples, Inc.		118,600		1,905
The Gap, Inc.		315,200		6,079
				12,996
Total Consumer Discretionary				40,263
CONSUMER STAPLES - 4.80%
Beverages - 1.25%
Diageo plc, ADRB		62,500		5,078
PepsiCo, Inc.		83,700		5,360
				10,438
Food & Drug Retailing - 1.63%
CVS Caremark Corp.		120,100		4,366
Safeway, Inc.		65,700		1,325
The Kroger Co.		62,600		1,557
Wal-Mart Stores, Inc.		121,000		6,377
				13,625
Food Products - 0.15%
Kraft Foods, Inc., Class A.		36,200		1,245
Household Products - 0.10%
Kimberly-Clark Corp.		12,800		837

	Shares		Value
			(000’s)
Tobacco - 1.67%
Altria Group, Inc.		94,400	$	2,483
Imperial Tobacco Group plc, ADRB		67,400		4,663
Philip Morris International, Inc.		97,800		6,960
				14,106
Total Consumer Staples				40,251
ENERGY - 7.31%
Energy Equipment & Services - 0.14%
Cobalt International Energy, Inc.A		94,900		1,169
Oil & Gas - 7.17%
BP plc, ADRB		181,400		8,243
Chevron Corp.		57,028		5,932
ConocoPhillips		244,476		17,601
Exxon Mobil Corp.		61,000		4,867
Marathon Oil Corp.		48,500		1,502
Marathon Petroleum Corp.		24,250		1,062
Occidental Petroleum Corp.		58,000		5,694
Royal Dutch Shell plc, ADRB		83,400		6,142
Spectra Energy Corp.		216,400		5,847
Total S.A., ADRB		59,400		3,212
				60,102
Total Energy				61,271
FINANCIALS - 15.13%
Banks - 5.10%
Bank of America Corp.		1,377,080		13,372
Fifth Third Bancorp		127,700		1,615
KeyCorp.		138,857		1,116
PNC Financial Services Group, Inc.		136,458		7,408
SunTrust Banks, Inc.		98,900		2,422
Wells Fargo & Co.		551,398		15,407
Zions Bancorporation		62,200		1,362
				42,702
Diversified Financials - 5.81%
American Express Co.		111,900		5,599
Capital One Financial Corp.		101,000		4,828
Citigroup, Inc.		176,570		6,770
JPMorgan Chase & Co.		494,934		20,019
Morgan Stanley		229,400		5,104
SLM Corp.		151,300		2,359
State Street Corp.		45,500		1,887
The Goldman Sachs Group, Inc.		16,300		2,200
				48,766
Insurance - 3.59%
ACE Ltd.		43,100		2,887
American International Group, Inc.		98,100		2,815
Genworth Financial, Inc., Class A		255,400		2,125
Hartford Financial Services Group, Inc.		125,200		2,932
Lincoln National Corp.		78,500		2,080
MetLife, Inc.		144,088		5,939
Prudential Financial, Inc.		13,400		786
The Allstate Corp.		190,600		5,284
The Travelers Cos., Inc.		32,900		1,814
XL Group plc		168,200		3,451
				30,113
Real Estate - 0.63%
Annaly Capital Management, Inc.D		188,000		3,154
Chimera Investment Corp.D		686,572		2,115
				5,269
Total Financials				126,850
HEALTH CARE - 6.41%
Biotechnology - 0.37%
Amgen, Inc.		57,200		3,129
Health Care Equipment & Supplies - 1.09%
Baxter International, Inc.		86,600		5,038
Covidien plc		15,500		787
Medtronic, Inc.		92,200		3,324
				9,149
Health Care Providers & Services - 0.56%
Quest Diagnostics, Inc.		28,800		1,555
WellPoint, Inc.		46,600		3,148
				4,703
Pharmaceuticals - 4.39%
Bristol-Myers Squibb Co.		56,400		1,616
Eli Lilly & Co.		79,400		3,041
Johnson & Johnson		140,400		9,097
Merck & Co. Inc.		204,876		6,992
Novartis AG, ADRB		38,200		2,338
Pfizer, Inc.		622,154		11,970
Sanofi, ADRB		42,700		1,655
				36,709
Total Health Care				53,690
INDUSTRIALS - 5.01%
Aerospace & Defense - 1.71%
Huntington Ingalls Industries, Inc.A		6,550		219
Lockheed Martin Corp.		68,600		5,196
Northrop Grumman Corp.		36,500		2,209
Raytheon Co.		91,600		4,097
The Boeing Co.		37,200		2,621
				14,342
Air Freight & Couriers - 0.24%
FedEx Corp.		23,400		2,033
Industrial Conglomerates - 1.63%
3M Co.		39,700		3,459
General Electric Co.		337,700		6,049
Honeywell International, Inc.		77,900		4,136
				13,644
Machinery - 1.43%
Cummins, Inc.		11,500		1,206
Illinois Tool Works, Inc.		49,600		2,470
ITT Corp.		70,600		3,766

	Shares		Value
			(000’s)
PACCAR, Inc.		106,000	$	4,538
				11,980
Total Industrials				41,999
INFORMATION TECHNOLOGY - 8.23%
Communications Equipment - 0.50%
Cisco Systems, Inc.		158,500		2,531
Corning, Inc.		102,700		1,634
				4,165
Computers & Peripherals - 3.36%
Apple, Inc.		17,210		6,720
Hewlett-Packard Co.		405,200		14,247
International Business Machines Corp.		39,100		7,110
				28,077
Electronic Equipment & Instruments - 0.52%
Avnet, Inc.		68,800		2,016
TE Connectivity Ltd.		67,725		2,332
				4,348
Office Electronics - 0.10%
Xerox Corp.		92,400		862
Semiconductor Equipment & Products - 1.49%
Intel Corp.		392,600		8,767
Micron Technology, Inc.		294,500		2,170
Texas Instruments, Inc.		53,000		1,577
				12,514
Software - 2.26%
CA, Inc.		201,274		4,488
Microsoft Corp.		470,100		12,881
Oracle Corp.		51,700		1,581
				18,950
Total Information Technology				68,916
MATERIALS - 1.37%
Chemicals - 0.74%
Air Products & Chemicals, Inc.		18,800		1,668
EI du Pont de Nemours & Co.		36,000		1,852
PPG Industries, Inc.		9,400		791
The Dow Chemical Co.		52,100		1,817
				6,128
Metals & Mining - 0.26%
Newmont Mining Corp.		39,300		2,185
Paper & Forest Products - 0.37%
International Paper Co.		105,600		3,136
Total Materials				11,449
TELECOMMUNICATION SERVICES - 2.65%
Diversified Telecommunication Services - 1.11%
AT&T, Inc.		256,177		7,495
Nokia OYJ, ADRB		17,700		103
Verizon Communications, Inc.		48,308		1,705
				9,303
Wireless Telecommunication Services - 1.54%
Vodafone Group plc, ADRB		459,100		12,901
Total Telecommunication Services				22,204
UTILITIES - 2.76%
CenterPoint Energy, Inc.		192,000		3,759
Dominion Resources, Inc.		98,400		4,767
Edison International		63,800		2,429
Entergy Corp.		19,500		1,303
Exelon Corp.		112,900		4,976
PPL Corp.		61,200		1,707
Public Service Enterprise Group, Inc.		127,900		4,189
Total Utilities				23,130
Total Common Stock (Cost $467,909)				490,023
PREFERRED STOCK - 0.34 (Cost $3,130)
CONSUMER DISCRETIONARY - 0.34%
General Motors Co.		62,400		2,884

	Par Amount		Value
	(000’s)		(000’s)
CORPORATE OBLIGATION - 15.41%
Finance - 7.09%
AEGON Funding Co. LLC,
5.75%, Due 12/15/2020E		350		380
Aflac, Inc.,
8.50%, Due 5/15/2019		190		240
American Express Co.,
8.15%, Due 3/19/2038		225		315
American Express Credit Corp.,
5.125%, Due 8/25/2014		645		708
2.75%, Due 9/15/2015		150		152
American International Group, Inc.,
6.40%, Due 12/15/2020		625		686
ANZ National International Ltd.,
2.375%, Due 12/21/2012F		350		356
Bank of America Corp.,
4.50%, Due 4/1/2015		305		319
6.50%, Due 8/1/2016		2,090		2,342
7.80%, Due 9/15/2016		700		807
7.625%, Due 6/1/2019		925		1,090
Bank One Corp.,
4.90%, Due 4/30/2015		250		271
Barclays Bank plc,
3.90%, Due 4/7/2015		330		344
6.75%, Due 5/22/2019		350		395
BNP Paribas S.A.,
3.60%, Due 2/23/2016		320		325
Canadian Imperial Bank of Commerce,
1.45%, Due 9/13/2013		465		469
Capital One Financial Corp.,
2.125%, Due 7/15/2014		380		382
Citigroup, Inc.,
1.176%, Due 4/1/2014G		300		297

	Par Amount		Value
	(000’s)		(000’s)
6.375%, Due 8/12/2014	$	920	$	1,024
0.552%, Due 11/5/2014G		320		307
6.01%, Due 1/15/2015		540		601
6.125%, Due 11/21/2017		335		376
8.50%, Due 5/22/2019		1,300		1,634
CME Group, Inc.,
5.40%, Due 8/1/2013		260		282
CNA Financial Corp.,
7.35%, Due 11/15/2019		245		286
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA,
4.20%, Due 5/13/2014F		200		215
2.125%, Due 10/13/2015		385		387
Credit Suisse,
5.30%, Due 8/13/2019		325		350
Danske Bank A/S,
1.299%, Due 4/14/2014F G		620		620
Deutsche Bank AG,
3.875%, Due 8/18/2014		325		343
Fifth Third Bancorp,
3.625%, Due 1/25/2016		325		333
8.25%, Due 3/1/2038		1,500		1,844
General Electric Capital Corp.,
0.883%, Due 6/2/2014G		1,595		1,584
0.446%, Due 1/8/2016G		1,125		1,086
5.40%, Due 2/15/2017		340		381
5.625%, Due 5/1/2018		690		770
6.00%, Due 8/7/2019		350		396
5.50%, Due 1/8/2020		250		274
5.875%, Due 1/14/2038		575		592
HCP, Inc.,
5.375%, Due 2/1/2021		400		428
HSBC Finance Corp.,
0.499%, Due 1/15/2014G		1,050		1,032
ING Bank N.V.,
5.125%, Due 5/1/2015F		450		474
JPMorgan Chase & Co.,
1.053%, Due 1/24/2014G		1,375		1,373
3.70%, Due 1/20/2015		1,140		1,192
5.50%, Due 10/15/2040		325		326
JPMorgan Chase Bank NA,
0.580%, Due 6/13/2016F G		415		386
KeyCorp,
5.10%, Due 3/24/2021		200		209
Liberty Mutual Group, Inc.,
5.00%, Due 6/1/2021F		315		308
Liberty Mutual Insurance Co.,
7.875%, Due 10/15/2026F		1,500		1,720
Lincoln National Corp.,
4.75%, Due 2/15/2014		245		263
Lloyds TSB Bank plc,
4.375%, Due 1/12/2015F		325		333
6.375%, Due 1/21/2021		210		221
Merrill Lynch & Co. Inc,
6.40%, Due 8/28/2017		900		994
6.50%, Due 7/15/2018		260		286
6.11%, Due 1/29/2037		365		340
MetLife Institutional Funding II,
1.146%, Due 4/4/2014F G		600		601
MetLife, Inc.,
5.00%, Due 11/24/2013		495		535
6.375%, Due 6/15/2034		350		392
Monumental Global Funding III,
0.449%, Due 1/15/2014F G		325		315
Morgan Stanley,
0.546%, Due 1/9/2014G		2,860		2,768
0.729%, Due 10/15/2015G.		920		864
7.30%, Due 5/13/2019		350		402
5.625%, Due 9/23/2019		350		365
National Australia Bank Ltd.,
4.375%, Due 12/10/2020F		325		326
Nationwide Building Society,
5.50%, Due 7/18/2012F		500		522
Nordea Bank AB,
2.50%, Due 11/13/2012F		350		356
4.875%, Due 1/27/2020F		300		315
PNC Funding Corp.,
4.25%, Due 9/21/2015		605		657
4.375%, Due 8/11/2020		330		342
Pricoa Global Funding I,
5.40%, Due 10/18/2012F		175		184
Prudential Financial, Inc.,
5.10%, Due 9/20/2014		205		226
7.375%, Due 6/15/2019		300		364
Simon Property Group LP,
10.35%, Due 4/1/2019		325		458
Societe Generale S.A.,
2.20%, Due 9/14/2013F		300		298
1.296%, Due 4/11/2014F G		900		881
State Street Corp.,
4.30%, Due 5/30/2014		240		261
2.875%, Due 3/7/2016		570		588
SunTrust Banks, Inc.,
3.60%, Due 4/15/2016		200		205
The Bank of New York Mellon Corp.,
1.50%, Due 1/31/2014		380		386
4.30%, Due 5/15/2014		330		359
The Bear Stearns Cos. LLC,
7.25%, Due 2/1/2018E		1,735		2,087
The Goldman Sachs Group, Inc.,
5.35%, Due 1/15/2016		725		786
6.25%, Due 9/1/2017		650		724
5.95%, Due 1/18/2018		390		425
6.00%, Due 6/15/2020		175		190
6.75%, Due 10/1/2037		1,902		1,902
The Travelers Cos., Inc.,
3.90%, Due 11/1/2020		160		159
Travelers Property Casualty Corp.,
5.00%, Due 3/15/2013		640		681
UBS AG,

	Par Amount		Value
	(000’s)		(000’s)
5.875%, Due 12/20/2017	$	325	$	363
UnitedHealth Group, Inc.,
4.875%, Due 2/15/2013		545		576
3.875%, Due 10/15/2020		325		329
6.625%, Due 11/15/2037		1,230		1,447
US Bancorp,
1.375%, Due 9/13/2013		470		474
Wachovia Corp.,
0.619%, Due 10/15/2016G		650		607
5.75%, Due 2/1/2018		950		1,071
Wells Fargo & Co.,
4.60%, Due 4/1/2021		380		396
Westpac Banking Corp.,
2.25%, Due 11/19/2012		330		336
Willis North America, Inc.,
6.20%, Due 3/28/2017		360		399
				59,370
Industrials - 6.76%
Air Products & Chemicals, Inc.,
2.00%, Due 8/2/2016		145		145
Altria Group, Inc.,
9.70%, Due 11/10/2018		315		425
4.75%, Due 5/5/2021		310		320
America Movil SAB de CV,
6.375%, Due 3/1/2035		350		393
American Honda Finance Corp.,
4.625%, Due 4/2/2013F		425		448
3.875%, Due 9/21/2020F		150		151
Analog Devices, Inc.,
3.00%, Due 4/15/2016		375		391
Anheuser-Busch InBev Worldwide, Inc.,
1.50%, Due 7/14/2014		460		464
5.00%, Due 4/15/2020		330		370
8.00%, Due 11/15/2039		125		179
Apache Corp.,
5.10%, Due 9/1/2040		170		173
Applied Materials, Inc.,
2.65%, Due 6/15/2016		340		349
AT&T, Inc.,
5.10%, Due 9/15/2014		685		759
5.50%, Due 2/1/2018		775		889
6.80%, Due 5/15/2036		150		175
6.40%, Due 5/15/2038		175		196
5.35%, Due 9/1/2040		283		282
Baxter International, Inc.,
1.80%, Due 3/15/2013		230		234
Becton Dickinson and Co.,
3.25%, Due 11/12/2020		375		367
BP Capital Markets plc,
3.20%, Due 3/11/2016		805		844
Burlington Northern Santa Fe LLC,
5.75%, Due 3/15/2018E		425		491
7.95%, Due 8/15/2030E		205		272
5.75%, Due 5/1/2040E		170		184
Cameron International Corp.,
6.375%, Due 7/15/2018		215		250
Canadian National Railway Co.,
5.55%, Due 5/15/2018		350		404
Canadian Natural Resources Ltd.,
6.25%, Due 3/15/2038		365		419
Caterpillar Financial Services Corp.,
1.90%, Due 12/17/2012		300		305
6.125%, Due 2/17/2014		520		587
2.75%, Due 6/24/2015		340		358
Cellco Partnership,
8.50%, Due 11/15/2018		365		485
Cliffs Natural Resources, Inc.,
4.875%, Due 4/1/2021		225		234
Coca-Cola Refreshments USA, Inc.,
7.375%, Due 3/3/2014		175		204
Comcast Cable Communications Holdings, Inc.,
8.375%, Due 3/15/2013		128		143
Comcast Corp.,
6.30%, Due 11/15/2017		480		568
5.875%, Due 2/15/2018		305		351
6.45%, Due 3/15/2037		2,630		2,922
6.55%, Due 7/1/2039		350		396
ConocoPhillips,
4.60%, Due 1/15/2015		250		278
5.20%, Due 5/15/2018		425		483
Cooper US, Inc.,
2.375%, Due 1/15/2016		385		393
3.875%, Due 12/15/2020		250		257
Covidien International Finance S.A.,
2.80%, Due 6/15/2015		395		412
CSX Corp.,
5.50%, Due 4/15/2041		325		336
CVS Caremark Corp.,
3.25%, Due 5/18/2015		170		179
Daimler Finance North America LLC,
5.75%, Due 9/8/2011E		550		553
3.00%, Due 3/28/2016E F		160		165
DIRECTV Holdings LLC,
3.55%, Due 3/15/2015E		430		456
6.35%, Due 3/15/2040E		160		174
Eaton Corp.,
5.60%, Due 5/15/2018		340		390
eBay, Inc.,
0.875%, Due 10/15/2013		265		265
Ensco plc,
4.70%, Due 3/15/2021		280		294
EOG Resources, Inc.,
2.50%, Due 2/1/2016		325		333
Express Scripts, Inc.,
6.25%, Due 6/15/2014		420		472
Fiserv, Inc.,
3.125%, Due 6/15/2016		200		204
France Telecom S.A.,
4.375%, Due 7/8/2014		295		321

	Par Amount		Value
	(000’s)		(000’s)
2.125%, Due 9/16/2015	$	150	$	152
General Electric Capital Corp.,
5.30%, Due 2/11/2021		190		203
Genzyme Corp.,
5.00%, Due 6/15/2020		190		211
GlaxoSmithKline Capital, Inc.,
5.65%, Due 5/15/2018		250		293
Health Care REIT, Inc.,
3.625%, Due 3/15/2016		240		245
5.25%, Due 1/15/2022		280		290
Hewlett-Packard Co.,
2.20%, Due 12/1/2015		325		331
Home Depot, Inc.,
4.40%, Due 4/1/2021		300		314
Hospira, Inc.,
6.05%, Due 3/30/2017		260		300
International Business Machines Corp.,
7.625%, Due 10/15/2018		670		872
ITT Corp.,
4.90%, Due 5/1/2014		490		537
John Deere Capital Corp.,
4.90%, Due 9/9/2013		530		574
Johnson Controls, Inc.,
5.00%, Due 3/30/2020		320		349
Kellogg Co.,
4.25%, Due 3/6/2013		500		527
Koninklijke Philips Electronics N.V.,
5.75%, Due 3/11/2018		335		384
Lorillard Tobacco Co.,
8.125%, Due 6/23/2019		310		372
Marathon Oil Corp.,
6.00%, Due 10/1/2017		415		486
Marathon Petroleum Corp.,
3.50%, Due 3/1/2016F		335		349
McKesson Corp.,
3.25%, Due 3/1/2016		160		169
Medtronic, Inc.,
3.00%, Due 3/15/2015		815		862
Norfolk Southern Corp.,
5.75%, Due 4/1/2018		425		491
Northrop Grumman Corp.,
5.05%, Due 8/1/2019		150		165
Novartis Capital Corp.,
2.90%, Due 4/24/2015		620		657
PepsiCo, Inc.,
2.50%, Due 5/10/2016		480		494
Petrobras International Finance Co.,
3.875%, Due 1/27/2016		360		373
6.875%, Due 1/20/2040		125		143
Petroleos Mexicanos,
6.00%, Due 3/5/2020		325		362
Quest Diagnostics, Inc.,
4.75%, Due 1/30/2020		150		160
Rio Tinto Finance USA Ltd.,
2.50%, Due 5/20/2016		380		391
Rogers Communications, Inc.,
5.50%, Due 3/15/2014		370		409
Sanofi,
1.625%, Due 3/28/2014		550		561
4.00%, Due 3/29/2021		400		416
Shell International Finance BV,
3.10%, Due 6/28/2015		340		363
Simon Property Group LP,
5.75%, Due 12/1/2015		500		566
Teck Resources Ltd.,
6.00%, Due 8/15/2040		165		172
Telecom Italia Capital S.A.,
4.95%, Due 9/30/2014		195		196
Telefonica Emisiones SAU,
3.992%, Due 2/16/2016		205		206
6.421%, Due 6/20/2016		350		384
Teva Pharmaceutical Finance II,
3.00%, Due 6/15/2015		380		398
The Boeing Co.,
1.875%, Due 11/20/2012		350		356
The Coca-Cola Co.,
0.75%, Due 11/15/2013		830		831
The Dow Chemical Co.,
4.25%, Due 11/15/2020		345		353
Thomson Reuters Corp.,
4.70%, Due 10/15/2019		150		163
Time Warner Cable, Inc.,
5.40%, Due 7/2/2012		975		1,017
5.85%, Due 5/1/2017		650		746
6.75%, Due 7/1/2018		505		601
7.30%, Due 7/1/2038		1,920		2,311
Time Warner, Inc.,
6.875%, Due 5/1/2012		975		1,018
4.875%, Due 3/15/2020		160		171
4.75%, Due 3/29/2021		325		342
Transocean, Inc.,
6.80%, Due 3/15/2038		3,170		3,636
Tyco Electronics Group S.A.,
6.55%, Due 10/1/2017		255		304
Tyco International Finance S.A.,
3.75%, Due 1/15/2018		325		340
Union Pacific Corp.,
4.163%, Due 7/15/2022F		306		313
United Parcel Service, Inc.,
3.125%, Due 1/15/2021		385		382
United Technologies Corp.,
6.125%, Due 7/15/2038		210		248
Valero Energy Corp.,
9.375%, Due 3/15/2019		155		203
6.625%, Due 6/15/2037		185		201
Verizon Communications, Inc.,
5.50%, Due 4/1/2017		350		404
4.60%, Due 4/1/2021		380		408
6.90%, Due 4/15/2038		275		333
Viacom, Inc.,

	Par Amount		Value
	(000’s)		(000’s)
6.875%, Due 4/30/2036	$	2,880	$	3,374
Vodafone Group plc,
6.15%, Due 2/27/2037		365		416
Wal-Mart Stores, Inc.,
7.55%, Due 2/15/2030		350		459
5.625%, Due 4/15/2041		205		227
Xerox Corp.,
5.65%, Due 5/15/2013		75		81
8.25%, Due 5/15/2014		160		188
4.25%, Due 2/15/2015		400		431
				56,676
Utilities - 1.56%
Columbus Southern Power Co.,
5.50%, Due 3/1/2013		660		705
Commonwealth Edison Co.,
4.00%, Due 8/1/2020		175		179
Consolidated Edison Co. of New York, Inc.,
5.50%, Due 12/1/2039		350		379
Dominion Resources, Inc.,
1.80%, Due 3/15/2014		700		712
Duke Energy Carolinas LLC,
5.10%, Due 4/15/2018E		350		395
Duke Energy Indiana, Inc.,
6.05%, Due 6/15/2016		520		602
EDF S.A.,
4.60%, Due 1/27/2020F		320		342
Energy Transfer Partners LP,
8.50%, Due 4/15/2014		605		705
9.00%, Due 4/15/2019		260		329
Enterprise Products Operating LLC,
5.65%, Due 4/1/2013E		400		428
6.125%, Due 10/15/2039E		310		331
Exelon Generation Co. LLC,
5.20%, Due 10/1/2019E		275		294
6.25%, Due 10/1/2039E		310		333
FirstEnergy Solutions Corp.,
4.80%, Due 2/15/2015		175		190
Midamerican Energy Holdings Co.,
5.875%, Due 10/1/2012		510		540
6.125%, Due 4/1/2036		350		396
National Rural Utilities Cooperative Finance Corp.,
1.125%, Due 11/1/2013		380		382
ONEOK Partners LP,
6.125%, Due 2/1/2041		400		430
Pacific Gas & Electric Co.,
6.25%, Due 12/1/2013		175		195
3.50%, Due 10/1/2020		300		296
Progress Energy, Inc.,
4.875%, Due 12/1/2019		350		382
Sempra Energy,
6.50%, Due 6/1/2016		315		374
Southern Power Co.,
6.25%, Due 7/15/2012		475		500
Spectra Energy Capital LLC,
5.668%, Due 8/15/2014E		310		345
5.65%, Due 3/1/2020E		310		340
Spectra Energy Partners LP,
4.60%, Due 6/15/2021		200		205
TransCanada PipeLines Ltd.,
7.625%, Due 1/15/2039		340		445
6.10%, Due 6/1/2040		170		193
Union Electric Co.,
6.70%, Due 2/1/2019		430		517
Virginia Electric and Power Co.,
5.40%, Due 4/30/2018		350		403
Westar Energy, Inc.,
6.00%, Due 7/1/2014		175		194
Xcel Energy, Inc.,
5.613%, Due 4/1/2017		869		981
				13,042
Total Corporate Obligations (Cost $119,990)				129,088
OTHER GOVERNMENT OBLIGATIONS - 5.12%
Federal Home Loan Mortgage Corp.,
4.50%, Due 1/15/2015		22,140		24,751
Federal National Mortgage Association,
5.125%, Due 1/2/2014		645		706
4.625%, Due 10/15/2014		1,000		1,118
6.25%, Due 5/15/2029		12,200		15,303
Private Export Funding Corp.,
2.125%, Due 7/15/2016		300		306
Province of Ontario Canada,
4.10%, Due 6/16/2014		350		381
3.15%, Due 12/15/2017		325		339
Total Other Government Obligations (Cost $37,617)				42,904
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 1.24%
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
5.317%, Due 9/10/2047, 2006-5 A2		321		324
5.634%, Due 4/10/2049, 2007-2 A2		456		465
Bear Stearns Commercial Mortgage Securities,
5.201%, Due 12/11/2038, 2006-PWR14 A4		665		720
5.54%, Due 9/11/2041, 2006-PW13 A4		840		922
4.831%, Due 7/11/2042, 2004-PWR5 A4		510		525
Citigroup Commercial Mortgage Trust,
4.38%, Due 10/15/2041		504		505
Citigroup/Deutsche Bank Commercial Mortgage Trust,
5.886%, Due 11/15/2044		930		1,022

	Par Amount		Value
	(000’s)		(000’s)
GS Mortgage Securities Corp II,
4.607%, Due 7/10/2039, 2005-GG4 A3	$	350	$	355
3.679%, Due 8/10/2043, 2010-C1 A1F.		380		390
3.849%, Due 12/10/2043, 2010-C2F		542		560
3.645%, Due 3/10/2044, 2011-GC3 A2		500		512
JP Morgan Chase Commercial Mortgage Securities Corp.,
4.678%, Due 7/15/2042, 2005-LDP2 A3A		306		313
3.853%, Due 6/15/2043, 2010-C1 A1F.		684		715
4.388%, Due 2/16/2046, 2011-C3A A3F		550		573
4.625%, Due 3/15/2046, 2005-LDP1 A2		394		399
5.741%, Due 2/12/2049, 2007-CB19 A4		550		593
5.629%, Due 2/12/2051, 2007-CB20 A2		615		630
LB-UBS Commercial Mortgage Trust,
5.424%, Due 2/15/2040		500		540
Wachovia Bank Commercial Mortgage Trust,
5.738%, Due 6/15/2049		297		307
Total Non-Agency Mortgage-Backed Obligations (Cost $9,602)				10,370
ASSET-BACKED SECURITIES - 0.77%
BMW Floorplan Master Owner Trust,
1.337%, Due 9/15/2014F G		350		353
Citibank Credit Card Issuance Trust,
1.737%, Due 5/15/2014G		650		658
CNH Equipment Trust,
1.17%, Due 5/15/2015		520		522
Discover Card Master Trust,
1.487%, Due 2/17/2015G		200		202
Ford Credit Floorplan Master Owner Trust,
1.737%, Due 9/15/2014G		1,800		1,822
Harley-Davidson Motorcycle Trust,
1.87%, Due 2/15/2014		284		285
Honda Auto Receivables Owner Trust,
3.30%, Due 9/15/2015		470		484
Hyundai Auto Receivables Trust,
3.15%, Due 3/15/2016		270		280
John Deere Owner Trust,
2.59%, Due 10/15/2013, 2009-A A3		85		85
3.96%, Due 5/16/2016, 2009-A A4		265		272
Nissan Master Owner Trust Receivables,
1.337%, Due 1/15/2015F G		650		657
Volkswagen Auto Loan Enhanced Trust,
6.24%, Due 7/20/2015		400		419
World Omni Auto Receivables Trust,
1.11%, Due 5/15/2015		380		381
Total Asset-Backed Securities (Cost $6,361)				6,420
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.34%
Federal Home Loan Mortgage Corporation
4.50%, Due 3/1/2019		368		391
5.00%, Due 10/1/2020		145		157
4.50%, Due 5/1/2025		1,961		2,092
3.50%, Due 10/1/2025		1,051		1,082
4.00%, Due 3/15/2026		776		826
5.00%, Due 8/1/2033		820		880
5.50%, Due 2/1/2034		685		748
5.00%, Due 3/1/2034		619		664
6.00%, Due 6/1/2034		481		535
6.00%, Due 8/1/2034		376		417
5.00%, Due 8/1/2035		596		638
5.00%, Due 9/1/2035		432		463
6.00%, Due 8/1/2036		298		330
5.50%, Due 11/1/2036		552		600
5.50%, Due 4/1/2037		753		818
5.50%, Due 5/1/2037		379		412
6.00%, Due 9/1/2037		237		261
5.50%, Due 12/1/2037		649		706
6.00%, Due 3/1/2038		1,116		1,232
5.50%, Due 5/1/2038		321		348
5.50%, Due 10/1/2039		714		774
0.586%, Due 12/15/2040G		1,800		1,792
4.00%, Due 1/1/2041		1,473		1,499
4.50%, Due 2/1/2041		1,476		1,541
				19,206
Federal National Mortgage Association
5.50%, Due 2/1/2014		87		94
6.00%, Due 4/1/2016		115		125
5.00%, Due 12/1/2017		331		357
4.50%, Due 9/1/2018		224		240
4.00%, Due 8/1/2020		394		418
5.00%, Due 12/1/2023		238		255
4.50%, Due 4/1/2024		501		537
4.50%, Due 3/1/2025		514		549
4.50%, Due 5/1/2025		1,089		1,159
3.50%, Due 1/1/2026		386		397
4.00%, Due 5/1/2026		1,968		2,065
5.00%, Due 3/1/2034		888		953
4.50%, Due 9/1/2034		434		457
5.50%, Due 12/1/2035		275		301
5.50%, Due 1/1/2036		476		519
5.00%, Due 2/1/2036		411		441
5.50%, Due 2/1/2036		388		424
5.00%, Due 3/1/2036		747		801
5.50%, Due 4/1/2036		527		576
6.00%, Due 9/1/2036		408		451
6.50%, Due 9/1/2036		874		985
5.50%, Due 12/1/2036		671		729
5.50%, Due 2/1/2037		676		735

	Par Amount		Value
	(000’s)		(000’s)
5.50%, Due 8/1/2037	$	545	$	595
5.50%, Due 3/1/2038		1,110		1,205
5.50%, Due 6/1/2038		1,495		1,623
6.00%, Due 9/1/2038		232		255
4.50%, Due 1/1/2040		1,785		1,867
5.00%, Due 7/1/2040		3,547		3,799
4.00%, Due 9/1/2040		1,396		1,419
5.00%, Due 1/1/2041		2,128		2,274
4.50%, Due 5/1/2041		1,167		1,220
				27,825
Government National Mortgage Association
7.00%, Due 12/15/2025		184		214
4.201%, Due 8/16/2026, 2006-9A		11		11
6.50%, Due 8/15/2027		203		231
6.50%, Due 11/15/2027		208		236
7.50%, Due 12/15/2028		167		196
5.50%, Due 7/15/2033		521		580
6.00%, Due 12/15/2033		538		605
5.50%, Due 2/20/2034		739		824
2.528%, Due 6/16/2034, 2011-10Z		2,000		2,055
1.692%, Due 11/16/2035, 2009-148A		345		347
6.00%, Due 10/15/2038		1,007		1,127
2.989%, Due 3/16/2039, 2010-71AC		984		1,017
5.00%, Due 10/15/2039		2,959		3,242
6.00%, Due 11/15/2039		1,004		1,123
5.50%, Due 2/15/2040		1,145		1,267
4.50%, Due 10/20/2040		1,090		1,163
5.00%, Due 2/20/2041		1,034		1,131
2.543%, Due 9/16/2044		1,100		1,127
3.20%, Due 11/16/2044		2,400		2,434
				18,930
National Credit Union Administration
0.586%, Due 3/11/2020, 2011-R3 1AG		1,489		1,492
0.635%, Due 10/7/2020, 2010-R1 1AG		2,377		2,384
				3,876
Total U.S. Agency Mortgage-Backed Obligations (Cost $67,348)				69,837
U.S. TREASURY OBLIGATIONS - 5.81%
U.S. Treasury Bonds
6.25%, Due 8/15/2023		800		1,047
6.875%, Due 8/15/2025		580		807
5.25%, Due 11/15/2028		750		900
4.75%, Due 2/15/2037		130		145
4.50%, Due 8/15/2039		1,630		1,737
4.25%, Due 11/15/2040		19,380		19,758
4.75%, Due 2/15/2041		360		399
				24,793
U.S. Treasury Notes
2.625%, Due 7/31/2014		4,000		4,245
2.25%, Due 1/31/2015		1,600		1,684
2.00%, Due 1/31/2016		2,420		2,510
2.00%, Due 4/30/2016		3,880		4,013
3.125%, Due 10/31/2016		900		976
4.25%, Due 8/15/2015		1,200		1,358
3.75%, Due 11/15/2018		1,000		1,110
3.625%, Due 2/15/2020		975		1,059
2.625%, Due 11/15/2020		1,200		1,190
3.625%, Due 2/15/2021		4,880		5,235
3.125%, Due 5/15/2021		505		519
				23,899
Total U.S. Treasury Obligations (Cost $46,856)				48,692

	Par Amount
MUNICIPAL OBLIGATIONS - 0.31%
Municipal Electric Authority of Georgia,
6.64%, Due 4/1/2057		1,920	1,902
6.66%, Due 4/1/2057		710	691
Total Municipal Obligations (Cost $2,617)			2,593

	Shares
SHORT-TERM INVESTMENTS - 3.58%
JPMorgan U.S. Government Money Market Fund		25,341,897	25,342

	Par Amount
United States Treasury Bill, 0.193%, Due 8/25/2011		995		995
United States Treasury Bill, 0.01%, Due 3/8/2012		3,670		3,666
Total Short-Term Investments (Cost $30,003)				30,003
TOTAL INVESTMENTS - 99.40% (Cost $791,433)				832,814
OTHER ASSETS, NET OF LIABILITIES - 0.60%				5,023
TOTAL NET ASSETS - 100.00%			$	837,837

A	Non-income producing security.
B	ADR — American Depositary Receipt
C	Non-voting participating shares.
D	REIT
E	Limited Liability Corporation.
F	Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $13,226 or 1.58% of net assets. The Fund has no right to demand registration of these securities
G	The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due date on these types of securities reflects the final maturity date.

Futures Contracts
(000’s)

						Unrealized
	Number of					Appreciation/
	Contracts		Expiration Date	Value		(Depreciation)
S&P 500 Mini E Index Future		388	September, 2011		24,995		(818	)
					24,995		(818	)

American Beacon Large Cap Value Fund
July 31, 2011 (Unaudited)

	Shares		Value
			(000’s)
COMMON STOCK — 96.71%
CONSUMER DISCRETIONARY — 8.21%
Auto Components — 0.62%
Johnson Controls, Inc.		762,005	$	28,156
Magna International, Inc.		507,500		24,751
				52,907
Automobiles — 0.97%
General Motors Co.A		1,781,803		49,320
Toyota Motor Corp., ADRB		414,600		33,964
				83,284
Hotels, Restaurants & Leisure — 0.77%
Carnival Corp.		961,000		32,001
McDonald’s Corp.		79,221		6,851
Wyndham Worldwide Corp.		777,180		26,883
				65,735
Household Durables — 0.58%
D.R. Horton, Inc.		1,693,600		20,119
Lennar Corp., Class A		1,101,000		19,477
Pulte Group, Inc.		223,970		1,539
Stanley Black & Decker, Inc.		132,684		8,727
				49,862
Leisure Equipment & Products — 0.07%
Hasbro, Inc.		152,257		6,023
Media — 1.80%
CBS Corp., Class BC		1,027,200		28,115
Comcast Corp., Class A		2,249,710		52,509
Omnicom Group, Inc.		198,537		9,315
The Interpublic Group of Cos., Inc.		1,929,800		18,931
The Walt Disney Co.		318,185		12,288
Time Warner Cable, Inc.		340,800		24,984
Viacom, Inc., Class B		167,230		8,097
				154,239
Multiline Retail — 1.05%
JC Penney Co. Inc.		1,695,700		52,159
Kohl’s Corp.		60,202		3,294
Target Corp.		666,730		34,330
				89,783
Specialty Retail — 2.35%
Advance Auto Parts, Inc.		79,946		4,395
Best Buy Co. Inc.		984,100		27,161
Home Depot, Inc.		919,867		32,131
RadioShack Corp.		1,028,100		14,311
Staples, Inc.		1,846,407		29,653
The Gap, Inc.		4,543,400		87,643
The Sherwin-Williams Co.		97,846		7,551
				202,845
Total Consumer Discretionary				704,678
CONSUMER STAPLES — 8.43%
Beverages — 2.10%
Diageo plc, ADRB		1,148,446		93,300
PepsiCo, Inc.		1,364,060		87,354
				180,654
Food & Drug Retailing — 2.46%
CVS Caremark Corp.		2,015,783		73,274
Safeway, Inc.		1,013,900		20,450
The Kroger Co.		878,300		21,843
Wal-Mart Stores, Inc.		1,820,060		95,936
				211,503
Food Products — 0.63%
General Mills, Inc.		342,655		12,798
Kellogg Co.		121,619		6,784
Kraft Foods, Inc., Class A		563,400		19,369
Nestle S.A., ADRB		181,862		11,594
The JM Smucker Co.		50,307		3,920
				54,465
Household Products — 0.20%
Kimberly-Clark Corp.		197,000		12,876
The Procter & Gamble Co.		66,279		4,075
				16,951
Personal Products — 0.02%
Avon Products, Inc.		68,450		1,795
Tobacco — 3.02%
Altria Group, Inc.		1,693,532		44,540
Imperial Tobacco Group plc, ADRB		1,045,900		72,366
Philip Morris International, Inc.		1,922,821		136,848
Reynolds American, Inc.		134,405		4,731
				258,485
Total Consumer Staples				723,853
ENERGY — 11.61%
Energy Equipment & Services — 0.27%
Cobalt International Energy, Inc.A		1,457,400		17,955
Transocean Ltd.		85,751		5,279
				23,234
Oil & Gas — 11.34%
Apache Corp.		108,601		13,436
BP plc, ADRB		2,489,400		113,118
Chevron Corp.		1,040,237		108,205
ConocoPhillips		3,630,796		261,380
EOG Resources, Inc.		67,886		6,924
Exxon Mobil Corp.		1,065,616		85,026
Hess Corp.		76,949		5,276
Marathon Oil Corp.		772,300		23,918
Marathon Petroleum Corp.		386,150		16,910
Occidental Petroleum Corp.		992,408		97,435
Royal Dutch Shell plc, ADRB		1,316,500		96,960
Spectra Energy Corp.		3,465,800		93,646
Total S.A., ADRB		940,700		50,864
				973,098
Total Energy				996,332

	Shares		Value
			(000’s)
FINANCIALS — 24.76%
Banks — 8.16%
Bank of America Corp.		21,852,562	$	212,188
Fifth Third Bancorp		1,790,100		22,645
KeyCorp.		2,097,274		16,862
PNC Financial Services Group, Inc.		2,300,913		124,917
SunTrust Banks, Inc.		1,546,420		37,872
The Bank of New York Mellon Corp.		674,917		16,947
Wells Fargo & Co.		8,965,361		250,492
Zions Bancorporation		869,100		19,033
				700,956
Diversified Financials — 9.64%
American Express Co.		1,850,900		92,619
BlackRock, Inc.		31,013		5,535
Capital One Financial Corp.		1,558,600		74,501
Citigroup, Inc.		2,885,976		110,648
JPMorgan Chase & Co.		7,943,984		321,334
Mastercard, Inc., Class A		30,254		9,175
Morgan Stanley		3,271,000		72,780
SLM Corp.		2,741,100		42,734
State Street Corp.		1,012,664		41,995
The Goldman Sachs Group, Inc.		418,717		56,514
				827,835
Insurance — 6.08%
ACE Ltd.		691,766		46,334
American International Group, Inc.		1,482,900		42,559
AON Corp.		182,226		8,769
Chubb Corp.		98,270		6,140
Genworth Financial, Inc., Class A		4,045,500		33,659
Hartford Financial Services Group, Inc.		1,887,650		44,209
Lincoln National Corp.		1,224,600		32,452
MetLife, Inc.		2,601,750		107,217
Prudential Financial, Inc.		427,518		25,087
The Allstate Corp.		3,009,700		83,429
The Travelers Cos., Inc.		622,139		34,299
XL Group plc		2,799,400		57,444
				521,598
Real Estate — 0.88%
Annaly Capital Management, Inc.D		2,774,000		46,548
Chimera Investment Corp.D		9,369,200		28,857
				75,405
Total Financials				2,125,794
HEALTH CARE — 10.69%
Biotechnology — 0.49%
Amgen, Inc.		771,000		42,174
Health Care Equipment & Supplies — 2.06%
Baxter International, Inc.		1,409,400		81,985
Becton Dickinson and Co.		102,705		8,587
Covidien plc		244,400		12,413
Medtronic, Inc.		1,760,279		63,458
St Jude Medical, Inc.		138,456		6,438
Thermo Fisher Scientific, Inc.		72,220		4,340
				177,221
Health Care Providers & Services — 0.84%
Quest Diagnostics, Inc.		541,042		29,222
WellPoint, Inc.		636,400		42,988
				72,210
Pharmaceuticals — 7.30%
Abbott Laboratories		332,709		17,075
Bristol-Myers Squibb Co.		820,000		23,501
Eli Lilly & Co.		1,181,800		45,263
GlaxoSmithKline plc, ADRB		87,363		3,881
Johnson & Johnson		2,514,081		162,887
Merck & Co. Inc.		3,093,705		105,588
Novartis AG, ADRB		591,700		36,212
Pfizer, Inc.		10,421,697		200,514
Roche Holding AG, ADRB		110,341		4,918
Sanofi, ADRB		665,500		25,788
				625,627
Total Health Care				917,232
INDUSTRIALS — 9.00%
Aerospace & Defense — 3.31%
Huntington Ingalls Industries, Inc.A		136,934		4,585
Lockheed Martin Corp.		1,467,606		111,142
Northrop Grumman Corp.		749,247		45,337
Raytheon Co.		1,506,500		67,386
The Boeing Co.		513,600		36,193
United Technologies Corp.		230,775		19,117
				283,760
Air Freight & Couriers — 0.37%
FedEx Corp.		367,000		31,885
Commercial Services & Supplies — 0.05%
Dun & Bradstreet Corp.		62,661		4,546
Construction & Engineering — 0.02%
Fluor Corp.		31,252		1,985
Industrial Conglomerates — 2.84%
3M Co.		723,394		63,037
General Electric Co.		5,315,000		95,191
Honeywell International, Inc.		1,520,428		80,735
Tyco International Ltd.		104,940		4,648
				243,611
Machinery — 2.35%
Cummins, Inc.		173,600		18,207
Danaher Corp.		175,257		8,607
Eaton Corp.		103,394		4,958
Illinois Tool Works, Inc.		775,600		38,625
ITT Corp.		1,151,300		61,410
PACCAR, Inc.		1,632,430		69,884
				201,691

	Shares		Value
			(000’s)
Road & Rail — 0.06%
Canadian National Railway Co.		63,278	$	4,737
Total Industrials				772,215
INFORMATION TECHNOLOGY — 12.95%
Communications Equipment — 0.76%
Cisco Systems, Inc.		2,465,434		39,373
Corning, Inc.		1,626,700		25,881
				65,254
Computers & Peripherals — 5.23%
Apple, Inc.		241,770		94,406
Hewlett-Packard Co.		6,333,829		222,698
International Business Machines Corp.		723,196		131,514
				448,618
Electronic Equipment & Instruments — 0.77%
Avnet, Inc.		992,000		29,066
TE Connectivity Ltd.		1,083,200		37,294
				66,360
IT Consulting & Services — 0.25%
Accenture plc, Class A		280,378		16,581
The Western Union Co.		267,994		5,202
				21,783
Office Electronics — 0.16%
Xerox Corp.		1,446,600		13,497
Pharmaceuticals — 0.02%
ASML Holding N.V.		38,050		1,356
Semiconductor Equipment & Products — 2.20%
Intel Corp.		6,133,177		136,954
Micron Technology, Inc.		4,058,500		29,911
Texas Instruments, Inc.		748,600		22,271
				189,136
Software — 3.56%
CA, Inc.		3,140,603		70,035
Microsoft Corp.		7,083,300		194,083
Oracle Corp.		1,348,904		41,249
				305,367
Total Information Technology				1,111,371
MATERIALS — 2.14%
Chemicals — 1.27%
Air Products & Chemicals, Inc.		364,488		32,342
EI du Pont de Nemours & Co.		564,800		29,042
PPG Industries, Inc.		269,219		22,668
The Dow Chemical Co.		709,100		24,726
				108,778
Metals & Mining — 0.36%
Newmont Mining Corp.		554,500		30,836
Paper & Forest Products — 0.51%
International Paper Co.		1,482,000		44,015
Total Materials				183,629
TELECOMMUNICATION SERVICES — 4.48%
Diversified Telecommunication Services — 2.03%
AT&T, Inc.		5,008,289		146,542
Nokia OYJ, ADRB		272,400		1,580
Verizon Communications, Inc.		728,986		25,726
				173,848
Wireless Telecommunication Services — 2.45%
Vodafone Group plc, ADRB		7,492,514		210,540
Total Telecommunication Services				384,388
UTILITIES — 4.44%
CenterPoint Energy, Inc.		2,967,300		58,100
Dominion Resources, Inc.		1,546,000		74,903
Edison International		947,400		36,068
Entergy Corp.		428,400		28,617
Exelon Corp.		1,749,500		77,099
PG&E Corp.		203,034		8,412
PPL Corp.		1,024,355		28,580
Public Service Enterprise Group, Inc.		2,119,716		69,421
Total Utilities				381,200
Total Common Stock (Cost $8,192,076)				8,300,692
PREFERRED STOCK — 0.49%
CONSUMER DISCRETIONARY — 0.48%
General Motors Co.		878,825		40,610
UTILITIES — 0.01%
PPL Corp.		18,398		1,032
Total Preferred Stock (Cost $45,491)				41,642
SHORT-TERM INVESTMENTS — 2.07% (Cost $177,703)
JPMorgan U.S. Government Money Market Fund		177,702,993		177,703
TOTAL INVESTMENTS — 99.27% (Cost $8,415,270)				8,520,037
OTHER ASSETS, NET OF LIABILITIES — 0.73%				62,710
TOTAL NET ASSETS — 100.00%			$	8,582,747

Percentages are stated as a percent of net assets.

A	Non-income producing security.
B	ADR — American Depositary Receipt
C	Non-voting participating shares.
D	REIT

Futures Contracts
    (000’s)

						Unrealized
	Number of					Appreciation/
	Contracts		Expiration Date	Value		(Depreciation)
S&P500 Mini E Index Future		2,937	September, 2011		189,202		(1,484	)
					189,202		(1,484	)

American Beacon Large Cap Growth Fund
July 31, 2011 (Unaudited)

	Shares		Value
			(000’s)
COMMON STOCK - 93.25%
CONSUMER DISCRETIONARY - 14.45%
Auto Components - 1.43%
BorgWarner, Inc.		6,900	$	549
Lear Corp.		17,041		835
				1,384
Hotels, Restaurants & Leisure - 2.21%
Ctrip.com International Ltd., ADRA		11,200		516
Dunkin’ Brands Group, Inc.B		150		4
Las Vegas Sands Corp.B		15,800		746
Starbucks Corp.		11,100		445
Yum! Brands, Inc.		8,200		433
				2,144
Household Durables - 0.82%
Tempur-Pedic International, Inc.B		11,052		796
Internet & Catalog Retail - 2.11%
Amazon.com, Inc.B		6,150		1,369
priceline.com, Inc.B		1,260		677
				2,046
Media - 1.35%
Netflix, Inc.B		900		239
Scripps Networks Interactive, Inc., Class A		9,300		431
The Walt Disney Co.		16,700		645
				1,315
Multiline Retail - 0.50%
Costco Wholesale Corp.		6,200		485
Specialty Retail - 4.84%
AutoZone, Inc.B		2,916		832
Dollar Tree, Inc.B		12,581		833
Ltd Brands, Inc.		22,081		837
O’Reilly Automotive, Inc.B		9,050		538
PetSmart, Inc.		19,296		830
Ross Stores, Inc.		11,014		836
				4,706
Textiles & Apparel - 1.19%
Coach, Inc.		12,905		833
Polo Ralph Lauren Corp.		2,400		324
				1,157
Total Consumer Discretionary				14,033
CONSUMER STAPLES - 2.01%
Food & Drug Retailing - 0.85%
Walgreen Co.		21,203		828
Food Products - 0.67%
Green Mountain Coffee Roasters, Inc.B		6,300		655
Personal Products - 0.49%
The Estee Lauder Cos., Inc., Class A		4,500		472
Total Consumer Staples				1,955
ENERGY - 8.02%
Energy Equipment & Services - 5.51%
Dresser-Rand Group, Inc.B		15,646		836
FMC Technologies, Inc.B		21,200		967
Halliburton Co.		9,800		536
Helmerich & Payne, Inc.		11,909		822
Oceaneering International, Inc.		19,076		824
Schlumberger Ltd.		15,100		1,365
				5,350
Oil & Gas - 2.51%
Concho Resources, Inc.B		8,200		767
Occidental Petroleum Corp.		8,600		845
Peabody Energy Corp.		14,427		829
				2,441
Total Energy				7,791
FINANCIALS - 5.15%
Diversified Financials - 4.29%
American Express Co.		16,451		823
Ameriprise Financial, Inc.		15,675		847
CME Group, Inc.		1,500		434
Franklin Resources, Inc.		5,300		673
IntercontinentalExchange, Inc.B		4,450		549
JPMorgan Chase & Co.		11,300		457
TD Ameritrade Holding Corp.		20,900		384
				4,167
Real Estate - 0.86%
CB Richard Ellis Group, Inc.B		38,468		839
Total Financials				5,006
HEALTH CARE - 9.11%
Biotechnology - 0.84%
Gilead Sciences, Inc.B		19,301		818
Health Care Equipment & Supplies - 1.34%
Edwards Lifesciences Corp.B		5,500		392
Intuitive Surgical, Inc.B		1,100		441
Varian Medical Systems, Inc.		7,500		471
				1,304
Health Care Providers & Services - 4.54%
AmerisourceBergen Corp.		20,618		790
Cardinal Health, Inc.		18,998		831
Express Scripts, Inc.B		16,800		912
UnitedHealth Group, Inc.		37,807		1,876
				4,409
Pharmaceuticals - 2.39%
Endo Pharmaceuticals Holdings, Inc.B.		22,169		826
Mylan, Inc.		18,800		428

	Shares		Value
			(000’s)
Perrigo Co.		4,550		411
Shire plc, ADRA		6,300	$	655
				2,320
Total Health Care				8,851
INDUSTRIALS - 16.98%
Aerospace & Defense - 1.51%
Goodrich Corp.		6,400		609
United Technologies Corp.		10,400		861
				1,470
Air Freight & Couriers - 0.50%
CH Robinson Worldwide, Inc.		6,700		484
Construction & Engineering - 0.75%
Fluor Corp.		11,500		731
Industrial Conglomerates - 2.54%
General Electric Co.		46,096		826
Honeywell International, Inc.		15,567		826
KBR, Inc.		22,859		815
				2,467
Machinery - 8.50%
Caterpillar, Inc.		8,236		814
Cummins, Inc.		7,791		817
Danaher Corp.		40,368		1,981
Deere & Co.		9,300		730
Dover Corp.		13,553		820
Eaton Corp.		16,982		814
Illinois Tool Works, Inc.		12,100		603
Joy Global, Inc.		8,902		836
Parker Hannifin Corp.		10,447		826
				8,241
Road & Rail - 2.32%
Union Pacific Corp.		21,952		2,250
Trading Companies & Distributors - 0.86%
WW Grainger, Inc.		5,625		835
Total Industrials				16,478
INFORMATION TECHNOLOGY - 29.77%
Communications Equipment - 0.86%
Cisco Systems, Inc.		52,502		838
Computers & Peripherals - 10.72%
Apple, Inc.		7,630		2,979
Dell, Inc.B		50,843		826
EMC Corp.		75,876		1,979
Hewlett-Packard Co.		22,966		807
International Business Machines Corp.		4,619		840
NetApp, Inc.B		9,800		466
SanDisk Corp.B		20,016		851
Teradata Corp.B		15,252		838
Western Digital Corp.B		23,601		813
				10,399
Internet Software & Services - 3.27%
Baidu Inc., ADRA B		5,150		809
Google, Inc., Class AB		3,181		1,921
VeriSign, Inc.		14,400		449
				3,179
IT Consulting & Services - 2.53%
Cognizant Technology Solutions Corp.B		17,400		1,216
Visa, Inc., Class A		14,550		1,244
				2,460
Semiconductor Equipment & Products - 6.65%
Altera Corp.		32,633		1,334
Analog Devices, Inc.		24,166		831
Intel Corp.		37,386		835
QUALCOMM, Inc.		25,800		1,413
Skyworks Solutions, Inc.		32,627		826
Texas Instruments, Inc.		40,693		1,211
				6,450
Software - 5.74%
Autodesk, Inc.		14,900		513
Cerner Corp.B		7,800		519
Citrix Systems, Inc.B		9,000		648
Intuit, Inc.B		9,100		425
Microsoft Corp.		30,554		837
Oracle Corp.		64,704		1,979
Salesforce.com, Inc.B		4,500		651
				5,572
Total Information Technology				28,898
MATERIALS - 6.95%
Chemicals - 3.51%
Albemarle Corp.		12,318		820
Ecolab, Inc.		9,450		473
Monsanto Co.		17,610		1,294
The Mosaic Co.		11,670		825
				3,412
Metals & Mining - 3.44%
Cliffs Natural Resources, Inc.		8,000		719
Freeport-McMoRan Copper & Gold, Inc.		25,154		1,332
Walter Energy, Inc.		10,501		1,287
				3,338
Total Materials				6,750
TELECOMMUNICATION SERVICES - 0.81%
American Tower Corp., Class A		15,000		788
Total Common Stock (Cost $73,330)				90,550
SHORT-TERM INVESTMENTS - 16.26% (Cost $15,793)
JPMorgan U.S. Government Money Market Fund		15,793,370		15,793
TOTAL INVESTMENTS - 109.51% (Cost $89,123)				106,343
LIABILITIES, NET OF OTHER ASSETS — (9.51%)				(9,232	)
TOTAL NET ASSETS - 100.00%			$	97,111

Percentages are stated as a percent of net assets.

A	ADR — American Depositary Receipt
B	Non-income producing security.

Futures Contracts

(000’s)

						Unrealized
	Number of					Appreciation/
	Contracts		Expiration Date	Value		(Depreciation)
S&P 500 Mini E Index Future		259	September, 2011		16,685		(447	)
					16,685		(447	)

American Beacon Mid-Cap Value Fund
July 31, 2011 (Unaudited)

	Shares		Value
			(000’s)
COMMON STOCK - 95.25%
COMMINGLED FUND - 0.06%
iShares Russell Midcap Value Index Fund		1,253	$	57
CONSUMER DISCRETIONARY - 11.42%
Automobiles - 0.38%
Harley-Davidson, Inc.		8,905		386
Hotels, Restaurants & Leisure - 2.88%
International Game Technology		79,268		1,474
Royal Caribbean Cruises Ltd.		37,252		1,141
WMS Industries, Inc.		11,805		325
				2,940
Household Durables - 2.11%
Fortune Brands, Inc.		10,900		656
Newell Rubbermaid, Inc.		35,783		555
Stanley Black & Decker, Inc.		14,300		941
				2,152
Media - 1.64%
Omnicom Group, Inc.		26,100		1,225
The Interpublic Group of Cos., Inc.		45,811		449
				1,674
Multiline Retail - 0.74%
JC Penney Co. Inc.		24,400		751
Specialty Retail - 3.67%
American Eagle Outfitters, Inc.		31,297		411
Hanesbrands, Inc.A		28,900		883
Rent-A-Center, Inc.		23,600		638
Staples, Inc.		21,000		337
The Gap, Inc.		22,723		438
The Sherwin-Williams Co.		8,400		648
Urban Outfitters, Inc.A		12,006		391
				3,746
Total Consumer Discretionary				11,649
CONSUMER STAPLES - 5.06%
Beverages - 2.03%
Constellation Brands, Inc.A.		20,818		424
Molson Coors Brewing Co., Class B		36,498		1,645
				2,069
Food & Drug Retailing - 0.94%
Sysco Corp.		15,244		466
The Kroger Co.		20,019		498
				964
Personal Products - 0.64%
Avon Products, Inc.		24,775		650
Tobacco - 1.45%
Lorillard, Inc.		7,200		764
Reynolds American, Inc.		20,300		715
				1,479
Total Consumer Staples				5,162
ENERGY - 4.50%
Energy Equipment & Services - 0.43%
Nabors Industries Ltd.A		16,460		435
Oil & Gas - 4.07%
Murphy Oil Corp.		19,431		1,249
Newfield Exploration Co.A		6,592		444
Pioneer Natural Resources Co.		4,746		441
Range Resources Corp.		7,629		497
Seadrill Ltd.		28,800		1,001
Spectra Energy Corp.		19,400		524
				4,156
Total Energy				4,591
FINANCIALS - 26.77%
Banks - 7.38%
Comerica, Inc.		38,827		1,244
Fifth Third Bancorp		169,488		2,143
KeyCorp.		84,750		681
New York Community Bancorp, Inc.		47,800		647
People’s United Financial, Inc.		25,682		326
PNC Financial Services Group, Inc.		11,500		624
Regions Financial Corp.		111,125		677
Synovus Financial Corp.		97,156		178
TCF Financial Corp.		33,566		427
Zions Bancorporation		26,697		585
				7,532
Diversified Financials - 4.65%
Ameriprise Financial, Inc.		20,950		1,133
Capital One Financial Corp.		19,700		942
Discover Financial Services		41,900		1,073
Federated Investors, Inc., Class B		21,081		451
SLM Corp.		43,600		680
Towers Watson & Co., Class A		7,625		466
				4,745
Insurance - 10.69%
Axis Capital Holdings Ltd.		20,775		662
Chubb Corp.		5,600		350
Delphi Financial Group, Inc., Class A		35,200		948
Endurance Specialty Holdings Ltd.		11,065		451
PartnerRe Ltd.		6,461		432
ProAssurance Corp.A		7,220		503
Protective Life Corp.		46,275		983
Reinsurance Group of America, Inc.		8,793		512
RenaissanceRe Holdings Ltd.		14,925		1,038
The Allstate Corp.		34,875		967
Torchmark Corp.		16,612		671
Unum Group		21,692		529
Validus Holdings Ltd.		23,307		620
Willis Group Holdings plc		36,671		1,500

	Shares		Value
			(000’s)
XL Group plc		36,400	$	747
				10,913
Real Estate - 4.05%
Annaly Capital Management, Inc.B		25,100		421
Digital Realty Trust, Inc.B		7,573		464
Essex Property Trust, Inc.B		7,200		1,011
Hospitality Properties TrustB		47,850		1,207
Host Hotels & Resorts LPB		30,770		488
Liberty Property TrustB		15,888		540
				4,131
Total Financials				27,321
HEALTH CARE - 6.27%
Health Care Equipment & Supplies - 1.61%
Becton Dickinson and Co.		3,946		330
Hologic, Inc.A		22,090		410
Patterson Cos., Inc.		12,789		394
STERIS Corp.		14,393		504
				1,638
Health Care Providers & Services - 4.66%
AmerisourceBergen Corp.		10,127		388
Cardinal Health, Inc.		18,700		818
CIGNA Corp.		17,200		856
Coventry Health Care, Inc.A		31,100		996
HCA Holdings, Inc.A		12,916		345
Omnicare, Inc.		28,600		872
Quest Diagnostics, Inc.		9,075		490
				4,765
Total Health Care				6,403
INDUSTRIALS - 16.89%
Aerospace & Defense - 5.30%
Curtiss-Wright Corp.		38,475		1,230
Goodrich Corp.		7,600		723
L-3 Communications Holdings, Inc.		27,225		2,154
Spirit Aerosystems Holdings, Inc., Class AA		64,150		1,314
				5,421
Building Products - 1.56%
Masco Corp.		150,652		1,589
Commercial Services & Supplies - 3.47%
Apollo Group, Inc., Class AA		10,475		532
Avery Dennison Corp.		12,706		401
Cintas Corp.		15,655		510
Con-way, Inc.		17,675		648
Dun & Bradstreet Corp.		5,900		428
Pitney Bowes, Inc.		19,095		411
Republic Services, Inc.		20,954		608
				3,538
Construction & Engineering - 0.44%
Fluor Corp.		7,000		445
Electrical Equipment - 2.53%
Brady Corp., Class A		38,500		1,140
Molex, Inc.		61,555		1,445
				2,585
Industrial Conglomerates - 0.47%
Teleflex, Inc.		7,898		476
Machinery - 2.57%
Dover Corp.		7,690		465
Eaton Corp.		12,000		575
Flowserve Corp.		4,493		447
ITT Corp.		9,500		507
SPX Corp.		8,300		624
				2,618
Marine - 0.55%
Golar LNG Ltd.		14,800		564
Total Industrials				17,236
INFORMATION TECHNOLOGY - 9.76%
Communications Equipment - 0.40%
Brocade Communications Systems, Inc.A		75,081		411
Electronic Equipment & Instruments - 3.28%
Avnet, Inc.		47,300		1,387
Ingram Micro, Inc., Class AA		61,625		1,143
TE Connectivity Ltd.		23,500		809
				3,339
IT Consulting & Services - 1.64%
Computer Sciences Corp.		28,425		1,003
The Western Union Co.		34,300		666
				1,669
Office Electronics - 0.82%
Xerox Corp.		89,700		837
Semiconductor Equipment & Products - 1.15%
Analog Devices, Inc.		13,157		453
Microchip Technology, Inc.		21,500		725
				1,178
Software - 2.47%
Adobe Systems, Inc.		17,128		475
CA, Inc.		44,225		986
Symantec Corp.A		24,609		469
Synopsys, Inc.A		24,790		594
				2,524
Total Information Technology				9,958
MATERIALS - 5.63%
Chemicals - 1.29%
Huntsman Corp.		15,896		304
PPG Industries, Inc.		11,975		1,008
				1,312
Containers & Packaging - 2.95%
Bemis Co, Inc.		14,175		448

	Shares		Value
			(000’s)
Jarden Corp.		30,525	$	947
Owens-Illinois, Inc.A		22,020		510
Packaging Corp of America		17,331		462
Sealed Air Corp.		30,200		650
				3,017
Metals & Mining - 1.39%
Alcoa, Inc.		21,547		317
Allegheny Technologies, Inc.		10,163		591
Nucor Corp.		13,179		513
				1,421
Total Materials				5,750
UTILITIES - 8.89%
Electric Utilities - 6.35%
CenterPoint Energy, Inc.		44,000		862
Edison International		27,770		1,057
Entergy Corp.		20,275		1,353
Great Plains Energy, Inc.		29,131		588
Pinnacle West Capital Corp.		13,500		572
Portland General Electric Co.		15,114		375
TECO Energy, Inc.		26,384		489
Xcel Energy, Inc.		49,252		1,181
				6,477
Gas Utilities - 2.04%
AGL Resources, Inc.		16,258		664
EQT Corp.		7,040		447
MDU Resources Group, Inc.		26,350		568
Oneok, Inc.		5,500		400
				2,079
Multi-Utilities - 0.50%
SCANA Corp.		13,085		513
Total Utilities				9,069
Total Common Stock (Cost $85,452)				97,196
SHORT-TERM INVESTMENTS - 0.59% (Cost $605)
JPMorgan U.S. Government Money Market Fund		604,591		605
TOTAL INVESTMENTS - 95.84% (Cost $86,057)				97,801
OTHER ASSETS, NET OF LIABILITIES - 4.16%				4,248
TOTAL NET ASSETS - 100.00%			$	102,049

Percentages are stated as a percent of net assets.

A	Non-income producing security.
B	REIT

Futures Contracts
(000’s)

						Unrealized
	Number of					Appreciation/
	Contracts		Expiration Date	Value		(Depreciation)
S&P Midcap 400 Mini E Index Future		7	September, 2011		659		(39	)
					659		(39	)

American Beacon Small Cap Value Fund
July 31, 2011 (Unaudited)

	Shares		Value
			(000’s)
COMMON STOCK - 96.61%
CONSUMER DISCRETIONARY - 14.55%
Auto Components - 1.35%
American Axle & Manufacturing Holdings, Inc.		1,414,700	$	16,226
Cooper Tire & Rubber Co.		229,950		3,877
Dorman Products, Inc.A		47,700		1,704
Exide TechnologiesA		206,100		1,476
Gentex Corp.		456,300		12,932
Superior Industries International, Inc.		71,700		1,451
The Goodyear Tire & Rubber Co.		373,100		6,033
				43,699
Automobiles - 0.17%
Thor Industries, Inc.		229,130		5,666
Commercial Services & Supplies - 0.10%
Viad Corp.		150,500		3,120
Distributors - 0.42%
Brightpoint, Inc.A		1,490,250		13,546
Hotels, Restaurants & Leisure - 0.89%
Bob Evans Farms, Inc.		78,900		2,725
Boyd Gaming Corp.A B		231,830		2,026
Brinker International, Inc.		58,415		1,403
CEC Entertainment, Inc.		29,800		1,153
Domino’s Pizza, Inc.		159,800		4,294
International Speedway Corp., Class A		129,954		3,635
Jack in the Box, Inc.A		366,830		8,334
Lakes Entertainment, Inc.A		150,800		329
Life Time Fitness, Inc.A		31,105		1,299
Orient-Express Hotels Ltd.		228,800		2,263
Sonic Corp.A		130,890		1,401
				28,862
Household Durables - 1.29%
Cavco Industries, Inc.A		56,569		2,408
Ethan Allen Interiors, Inc.B		293,320		5,397
Furniture Brands International, Inc.		833,900		3,361
Helen of Troy Ltd.A		124,253		4,007
Lancaster Colony Corp.B		79,110		4,757
Meritage Homes Corp.		215,280		4,704
Ryland Group, Inc.		361,480		5,325
Whirlpool Corp.		169,800		11,754
				41,713
Internet & Catalog Retail - 0.10%
Insight Enterprises, Inc.A		124,300		2,092
Systemax, Inc.		77,900		1,269
				3,361
Leisure Equipment & Products - 0.45%
Brunswick Corp.		516,200		11,269
Callaway Golf Co.		128,300		815
Jakks Pacific, Inc.		139,740		2,438
				14,522
Media - 2.00%
Belo Corp., Series A		250,700		1,752
Cinemark Holdings, Inc.		186,700		3,639
EW Scripps Co.		125,700		1,084
John Wiley & Sons, Inc., Class A		118,500		5,932
Meredith Corp.B		273,405		8,161
Scholastic Corp.		130,100		3,736
Sinclair Broadcast Group, Inc., Class A		138,500		1,373
The Washington Post Co., Class BB		17,800		7,161
Valassis Communications, Inc.B		1,191,900		31,943
				64,781
Multiline Retail - 1.26%
99 Cents Only StoresA		478,600		9,452
Big Lots, Inc.		400,900		13,964
BJ’s Wholesale Club, Inc.A		142,730		7,186
Dillard’s, Inc., Class AB		161,300		9,075
Fred’s, Inc., Class A		83,600		1,102
				40,779
Specialty Retail - 5.21%
Aaron’s, Inc.		278,170		7,013
Aeropostale, Inc.A		786,000		13,244
American Greetings Corp., Class A		108,200		2,399
America’s Car-Mart, Inc.A		319,500		10,812
Asbury Automotive Group, Inc.		87,400		1,882
Ascena Retail Group, Inc.A		175,134		5,660
Big 5 Sporting Goods Corp.		191,880		1,583
Cabela’s, Inc.A		737,900		20,189
Chico’s FAS, Inc.		486,850		7,347
Collective Brands, Inc.A B		603,075		7,104
DG FastChannel, Inc.A		502,700		14,206
Express, Inc.		247,320		5,550
Foot Locker, Inc.		157,570		3,424
GameStop Corp., Class AA B		201,000		4,740
Group 1 Automotive, Inc.B		63,900		3,044
Hanesbrands, Inc.A		32,625		995
Interline Brands, Inc.A		15,800		264
Pier 1 Imports, Inc.		316,200		3,475
Rent-A-Center, Inc.		989,848		26,776
Sonic Automotive, Inc., Class A		108,900		1,706
Stage Stores, Inc.		117,020		2,083
The Buckle, Inc.B		92,900		4,116
The Cato Corp., Class A		43,700		1,216
The Childrens Place Retail Stores, Inc.A		111,270		5,377
The Men’s Wearhouse, Inc.		440,300		14,437
				168,642
Textiles & Apparel - 1.31%
Carter’s, Inc.A		153,700		5,149
G-III Apparel Group Ltd.A		51,300		1,584
Maidenform Brands, Inc.A		62,200		1,608
Quiksilver, Inc.A		1,917,800		10,087
Skechers U.S.A. Inc, Class AA		615,640		10,249
The Jones Group, Inc.		640,637		8,290
The Warnaco Group, Inc.A		38,360		2,045
Unifirst Corp.		39,900		2,189

	Shares		Value
			(000’s)
Wolverine World Wide, Inc.		34,400	$	1,303
				42,504
Total Consumer Discretionary				471,195
CONSUMER STAPLES - 1.81%
Food & Drug Retailing - 0.72%
Casey’s General Stores, Inc.		110,216		4,960
Central European Distribution Corp.A B		65,875		638
Flowers Foods, Inc.B		304,380		6,672
Nash Finch Co.		35,050		1,255
Spartan Stores, Inc.		265,330		4,686
The Andersons, Inc.		49,000		2,014
Winn-Dixie Stores, Inc.A		350,700		3,149
				23,374
Food Products - 0.98%
Chiquita Brands International, Inc.		220,205		2,607
Corn Products International, Inc.		14,120		719
Fresh Del Monte Produce, Inc.		158,100		3,875
Overhill Farms, Inc.A		316,300		1,629
Sanderson Farms, Inc.B		150,875		6,972
Smithfield Foods, Inc.A		438,000		9,644
Snyders-Lance, Inc.		138,250		2,822
The Hain Celestial Group, Inc.A		106,116		3,431
				31,699
Personal Products - 0.07%
Revlon, Inc., Class AA		130,500		2,198
Tobacco - 0.04%
Universal Corp.		31,994		1,175
Total Consumer Staples				58,446
ENERGY - 6.06%
Energy Equipment & Services - 3.18%
Atwood Oceanics, Inc.A		434,627		20,297
Bristow Group, Inc.		243,400		11,800
Cal Dive International, Inc.A		836,310		4,667
Dawson Geophysical Co.A		90,866		3,606
Global Industries Ltd.A		979,360		5,024
Hercules Offshore, Inc.A		290,600		1,366
Matrix Service Co.A		396,027		5,521
Oil States International, Inc.A		69,350		5,597
Parker Drilling Co.		310,600		1,969
SEACOR Holdings, Inc.		57,850		5,806
Superior Energy Services, Inc.A		38,810		1,610
Tesco Corp.A		150,988		3,210
Tidewater, Inc.		449,230		24,410
Unit Corp.A		127,005		7,622
Willbros Group, Inc.A		49,900		459
				102,964
Oil & Gas - 2.88%
Berry Petroleum Co., Class A		108,560		6,226
Cloud Peak Energy, Inc.		872,750		19,462
Comstock Resources, Inc.A B		311,800		9,946
Contango Oil & Gas Co.A		139,435		8,796
Energy Partners Ltd.A		782,650		13,313
Helix Energy Solutions Group, Inc.A.		107,600		2,107
Oasis Petroleum, Inc.A		73,100		2,159
Petroleum Development Corp.A		63,600		2,310
Petroquest Energy, Inc.A B		150,400		1,223
Stone Energy Corp.A		490,500		15,922
Tesoro Corp.		426,225		10,353
W&T Offshore, Inc.		55,034		1,491
				93,308
Total Energy				196,272
FINANCIALS - 25.52%
Banks - 8.76%
1st Source Corp.		52,800		1,217
Associated Banc-Corp.		1,362,175		18,594
Astoria Financial Corp.		262,200		3,055
BancorpSouth, Inc.B		96,617		1,308
Bank of Hawaii Corp.		32,420		1,453
Bank of the Ozarks, Inc.		376,100		19,538
Brookline Bancorp, Inc.		477,590		4,083
Cardinal Financial Corp.		185,170		1,987
Cathay General Bancorp		209,000		2,897
Center Financial Corp.A		320,900		1,977
City Holding Co.		37,500		1,173
City National Corp.		129,713		6,963
Columbia Banking System, Inc.		71,400		1,257
Community Bank System, Inc.		27,500		692
CVB Financial Corp.B		679,573		6,585
Dime Community Bancshares, Inc.		83,715		1,176
First Commonwealth Financial Corp.		279,100		1,435
First Financial Bancorp		639,500		10,238
First Financial Holdings, Inc.		164,100		1,364
First Horizon National Corp.		708,793		6,372
First Interstate Bancsystem, Inc.		296,000		3,960
First Midwest Bancorp, Inc.		420,062		5,007
First Niagara Financial Group, Inc.		160,400		1,965
FirstMerit Corp.		77,250		1,129
FNB Corp.		335,800		3,358
Fulton Financial Corp.		993,895		10,088
Hancock Holding Co.		509,823		16,799
Home Federal Bancorp, Inc.		171,000		1,828
Iberiabank Corp.		384,800		19,614
Lakeland Financial Corp.		83,500		1,883
MB Financial, Inc.		377,520		7,622
Nara Bancorp, Inc.A		305,900		2,456
National Penn Bancshares, Inc.		1,036,237		8,331
Northwest Bancshares, Inc.		226,900		2,789
Ocwen Financial Corp.A		909,700		11,726
Old National Bancorp		112,000		1,142
PacWest Bancorp		249,880		4,960
Pinnacle Financial Partners, Inc.A B		90,800		1,385
Popular, Inc.		1,273,900		3,057
PrivateBancorp, Inc.		350,320		4,130
Prosperity Bancshares, Inc.		385,221		15,998
Provident Financial Services, Inc.		458,240		6,351

	Shares		Value
			(000’s)
Susquehanna Bancshares, Inc.		235,500	$	1,773
SVB Financial Group		153,610		9,373
Synovus Financial Corp.		5,723,600		10,474
Territorial Bancorp, Inc.		6,000		125
Washington Federal, Inc.		321,640		5,439
Washington Trust Bancorp, Inc.		51,000		1,162
Webster Financial Corp.		888,970		18,153
WesBanco, Inc.		70,800		1,455
Wintrust Financial Corp.		192,530		6,581
				283,477
Diversified Financials - 4.53%
Apollo Investment Corp.		134,631		1,290
Ares Capital Corp.		904,600		14,600
CapitalSource, Inc.		860,800		5,561
Capitol Federal Financial, Inc.		354,200		4,052
Cash America International, Inc.		394,788		22,092
CoreLogic, Inc.		378,710		5,976
Credit Acceptance Corp.A		97,250		7,713
Duff & Phelps Corp., Class A		185,640		2,114
E*Trade Financial Corp.A		226,849		3,602
Encore Capital Group, Inc.A		69,200		1,893
Ezcorp, Inc., Class A		680,524		22,647
Federated Investors, Inc., Class BB.		181,800		3,885
Fifth Street Finance Corp.B		1,204,200		12,668
Heartland Payment Systems, Inc.		185,200		3,897
Janus Capital Group, Inc.		693,500		5,853
Kirkland’s, Inc.A		503,300		5,431
Knight Capital Group, Inc., Class AA		810,800		9,170
MF Global Holdings Ltd.A		420,200		3,097
National Financial Partners Corp.		74,300		842
NewStar Financial, Inc.A		134,500		1,431
Piper Jaffray CosA		164,777		4,858
Waddell & Reed Financial, Inc.		36,680		1,346
World Acceptance Corp.A B		41,600		2,651
				146,669
Insurance - 8.81%
Alleghany Corp.		18,856		6,211
Allied World Assurance Co. Holdings AG		113,680		6,190
Alterra Capital Holdings Ltd.		281,900		6,143
American Equity Investment Life Holding Co.		189,800		2,253
American Financial Group, Inc.		214,865		7,301
Amtrust Financial Services, Inc.		216,292		5,022
Argo Group International Holdings Ltd.		120,650		3,547
Aspen Insurance Holdings Ltd.		503,940		13,052
CNO Financial Group, Inc.A		2,033,400		14,945
Delphi Financial Group, Inc., Class A		491,300		13,226
Employers Holdings, Inc.		479,900		7,131
Endurance Specialty Holdings Ltd.		442,600		18,032
Enstar Group Ltd.A		36,403		3,846
FBL Financial Group, Inc., Class A		79,700		2,509
Fidelity National Financial, Inc.		472,200		7,697
First American Financial Corp.		469,060		7,500
Global Indemnity plcA		625,321		13,025
Harleysville Group, Inc.		71,700		2,167
HCC Insurance Holdings, Inc.		116,770		3,518
Horace Mann Educators Corp.		310,000		4,514
Infinity Property & Casualty Corp.		45,898		2,326
Maiden Holdings Ltd.		174,500		1,618
Meadowbrook Insurance Group, Inc.		128,900		1,212
Montpelier Re Holdings Ltd.		161,408		2,786
National Western Life Insurance Co., Class A		7,800		1,336
OneBeacon Insurance Group Ltd., Class A		43,500		554
Platinum Underwriters Holdings Ltd.		30,935		1,063
ProAssurance Corp.A		338,310		23,564
Protective Life Corp.		596,295		12,677
RenaissanceRe Holdings Ltd.		53,600		3,730
RLI Corp.		45,100		2,848
Safety Insurance Group, Inc.		39,900		1,620
Selective Insurance Group, Inc.		129,500		2,123
StanCorp Financial Group, Inc.		368,050		12,241
Symetra Financial Corp.		1,450,000		18,212
The Hanover Insurance Group, Inc.		92,140		3,336
The Navigators Group, Inc.A		257,073		12,118
Torchmark Corp.		278,550		11,251
Tower Group, Inc.		100,500		2,297
Unitrin, Inc.		160,900		4,533
Validus Holdings Ltd.		269,700		7,171
White Mountains Insurance Group Ltd.		21,174		8,923
				285,368
Lodging/Resorts - 0.21%
DiamondRock Hospitality Co.C		654,240		6,686
Real Estate - 3.21%
Anworth Mortgage Asset Corp.C		184,180		1,276
BioMed Realty Trust, Inc.C		464,890		9,121
Brandywine Realty TrustC		126,150		1,513
CapLease, Inc.C		915,800		4,075
CBL & Associates Properties, Inc.C		369,605		6,564
Cogdell Spencer, Inc.C		376,280		2,243
CommonWealth REITC		55,871		1,320
Corrections Corp. of AmericaA		45,800		983
DCT Industrial Trust, Inc.C		1,083,930		5,875
Entertainment Properties TrustC		120,950		5,623
Hospitality Properties TrustC		60,075		1,517
Inland Real Estate Corp.C		527,300		4,651
LaSalle Hotel PropertiesC		286,190		7,158
Lexington Realty TrustB C		837,440		7,034
Medical Properties Trust, Inc.C		124,470		1,464
MI Developments, Inc., Class A		515,700		15,480
National Health Investors, Inc.C		113,380		5,158
Omega Healthcare Investors, Inc.C		373,810		7,342
Pebblebrook Hotel TrustC		209,354		4,139
Pennsylvania Real Estate Investment TrustB C		105,005		1,533
Starwood Property Trust, Inc.C		409,000		7,935
Urstadt Biddle Properties, Inc., Class AC		116,330		2,064
				104,068
Total Financials				826,268

	Shares		Value
			(000’s)
HEALTH CARE - 7.53%
Biotechnology - 0.16%
Charles River Laboratories International, Inc.A		37,655	$	1,489
Viropharma, Inc.A		207,700		3,755
				5,244
Health Care Equipment & Supplies - 1.11%
CONMED Corp.A		62,200		1,617
Haemonetics Corp.A		147,660		9,672
Hillenbrand, Inc.		160,400		3,511
Kinetic Concepts, Inc.A		151,100		10,115
STERIS Corp.		315,080		11,024
				35,939
Health Care Providers & Services - 5.25%
Alere, Inc.A		37,791		1,114
Amedisys, Inc.A B		123,075		3,183
AMERIGROUP Corp.A		283,830		15,611
Centene Corp.A		124,400		4,082
Gentiva Health Services, Inc.		688,200		12,381
Health Net, Inc.A		254,400		7,154
Healthsouth Corp.A		1,049,970		25,618
Healthspring, Inc.A		346,787		14,232
Healthways, Inc.A		35,400		529
Kindred Healthcare, Inc.A		109,900		2,071
LifePoint Hospitals, Inc.A		800,460		29,696
Magellan Health Services, Inc.A		205,700		10,717
MAXIMUS, Inc.		359,150		13,874
Mednax, Inc.A		139,460		9,506
Omnicell, Inc.A		339,330		5,806
Owens & Minor, Inc.		46,125		1,407
Parexel International Corp.A		272,440		5,593
The Ensign Group, Inc.		90,872		2,581
Triple-S Management Corp., Class BA		52,200		1,126
Universal American Corp.		375,700		3,573
				169,854
Pharmaceuticals - 1.01%
Endo Pharmaceuticals Holdings, Inc.A		335,450		12,496
Medicis Pharmaceutical Corp., Class A		206,890		7,692
Par Pharmaceutical Cos., Inc.		96,300		3,119
PharMerica Corp.A		292,300		3,733
Salix Pharmaceuticals Ltd.A		93,250		3,616
The Medicines Co.A		143,400		2,148
				32,804
Total Health Care				243,841
INDUSTRIALS - 16.14%
Aerospace & Defense - 1.92%
Alliant Techsystems, Inc.		268,555		17,519
Curtiss-Wright Corp.		41,832		1,337
Huntington Ingalls Industries, Inc.A		403,300		13,502
Spirit Aerosystems Holdings, Inc., Class AA		478,370		9,802
Triumph Group, Inc.		249,600		13,438
World Fuel Services Corp.		177,900		6,694
				62,292
Airlines - 0.12%
Aircastle Ltd.		333,736		3,821
Building Products - 1.14%
Apogee Enterprises, Inc.		268,807		3,078
Crane Co.		205,900		9,537
Drew Industries, Inc.		84,250		1,795
Insituform Technologies, Inc., Class AA		400,300		8,026
Simpson Manufacturing Co. Inc.		371,625		10,516
Trex Co. IncA B		181,100		3,818
				36,770
Commercial Services & Supplies - 6.26%
Atlas Air Worldwide Holdings, Inc.A		399,910		20,951
Bridgepoint Education, Inc.A B		140,700		3,484
Career Education Corp.A		206,700		4,690
Clean Harbors, Inc.A		182,976		9,652
Convergys Corp.A		324,400		4,036
Con-way, Inc.		382,200		13,996
CSG Systems International, Inc.A		99,400		1,765
Deluxe Corp.		136,500		3,213
Ennis, Inc.		85,700		1,503
FTI Consulting, Inc.A B		186,500		6,768
G&K Services, Inc., Class A		49,720		1,694
Global Payments, Inc.		44,800		2,124
Heidrick & Struggles International, Inc.		435,150		11,575
Herman Miller, Inc.		458,000		10,539
Hudson Highland Group, Inc.A		630,300		3,775
Huron Consulting Group, Inc.A		149,240		4,831
Insperity, Inc.		212,800		6,218
ITT Educational Services, Inc.B		74,700		6,400
Kelly Services, Inc., Class A		135,400		2,119
Korn/Ferry InternationalA		550,860		11,866
Layne Christensen Co.A		42,000		1,231
McGrath Rentcorp		111,848		2,911
Mobile Mini, Inc.A		623,100		13,154
PHH Corp.A		802,800		15,061
Resources Connection, Inc.		108,980		1,419
Steelcase, Inc., A Shares		537,232		5,335
TAL International Group, Inc.		88,800		2,747
Team, Inc.		118,274		3,164
Tetra Tech, Inc.A		258,630		5,690
The Brink’s Co.		387,180		11,553
The Geo Group, Inc.A		151,960		3,161
United Stationers, Inc.		193,000		6,193
				202,818
Construction & Engineering - 1.50%
Aecom Technology Corp.A		314,500		7,781
Comfort Systems USA, Inc.		815,685		8,516
EMCOR Group, Inc.A		551,625		15,401
Granite Construction, Inc.		253,720		5,932
Primoris Services Corp.		113,164		1,381
Tutor Perini Corp.		66,750		1,053

	Shares		Value
			(000’s)
URS Corp.		207,500	$	8,472
				48,536
Diversified Manufacturing - 0.04%
Barnes Group, Inc.		59,405		1,447
Electrical Equipment - 1.08%
EnerSysA		178,895		5,721
General Cable Corp.		49,664		1,975
GT Advanced Technologies, Inc.A B		386,400		5,270
Kemet Corp.A		117,500		1,434
Regal-Beloit Corp.		189,500		11,490
SunPower Corp., Class AA B		120,424		2,364
Thomas & Betts Corp.		136,060		6,637
				34,891
Energy Equipment & Services - 0.06%
Hornbeck Offshore Services, Inc.A		68,900		1,918
Industrial Conglomerates - 0.44%
Carlisle Cos., Inc.		134,790		5,827
GATX Corp.		175,100		6,904
Teleflex, Inc.		23,795		1,433
				14,164
Machinery - 2.45%
Astec Industries, Inc.A		166,060		6,231
Briggs & Stratton Corp.		77,605		1,330
CIRCOR International, Inc.		160,900		6,959
Columbus McKinnon Corp.		155,950		2,565
Esterline Technologies Corp.		70,575		5,390
FreightCar America, Inc.		79,480		1,962
John Bean Technologies Corp.		62,300		1,100
Meritor, Inc.A		133,100		1,797
Miller Industries, Inc.		231,100		3,785
Mueller Industries, Inc.		141,300		5,303
Oshkosh Corp.		286,400		7,108
Reliance Steel & Aluminum Co.		25,500		1,199
RSC Holdings, Inc.A B		1,411,571		16,854
Terex Corp.		792,600		17,604
				79,187
Marine - 0.37%
Diana Shipping, Inc.		123,405		1,209
Gulfmark Offshore, Inc., Class AA		69,662		3,395
Kirby Corp.		124,800		7,279
				11,883
Metals & Mining - 0.05%
Mueller Water Products, Inc.		529,000		1,730
Road & Rail - 0.71%
Amerco, Inc.A		57,000		5,138
Forward Air Corp.		370,309		11,539
RailAmerica, Inc.A		140,000		2,083
Ryder System, Inc.		28,040		1,579
Saia, Inc.A		174,900		2,636
				22,975
Total Industrials				522,432
INFORMATION TECHNOLOGY - 13.75%
Communications Equipment - 1.90%
Arris Group, Inc.A		1,059,707		12,716
Black Box Corp.		410,200		11,687
Comtech Telecommunications Corp.		72,200		1,946
InterDigital, Inc.B		446,300		30,460
IxiaA		196,470		1,965
Plantronics, Inc.		41,550		1,423
Symmetricom, Inc.A		251,500		1,426
				61,623
Computers & Peripherals - 0.89%
Electronics for Imaging, Inc.A		278,000		4,784
Lexmark International, Inc.A		137,385		4,612
Mercury Computer Systems, Inc.A		351,300		5,898
NCR Corp.A		76,951		1,535
Synaptics, Inc.A B		493,542		12,127
				28,956
Electronic Equipment & Instruments - 3.19%
AVX Corp.		452,700		6,302
Diebold, Inc.		202,170		6,114
Ingram Micro, Inc., Class AA		551,300		10,227
Itron, Inc.A		249,430		10,735
Littelfuse, Inc.		198,100		10,121
Methode Electronics, Inc.		754,800		7,986
Newport Corp.		99,700		1,549
Plexus Corp.A		417,900		12,332
Tech Data Corp.A		172,141		8,034
TTM Technologies, Inc.A		216,500		2,999
Veeco Instruments, Inc.A B		110,300		4,389
Vishay Intertechnology, Inc.A		1,613,300		22,214
				103,002
Internet Software & Services - 1.10%
Earthlink, Inc.		164,200		1,320
Ebix, Inc.A B		629,400		12,393
IAC/InterActiveCorpA		247,100		10,227
j2 Global Communications, Inc.		121,300		3,244
Netgear, Inc.A		102,270		3,366
RealNetworks, Inc.		140,200		474
Websense, Inc.A		203,546		4,616
				35,640
IT Consulting & Services - 1.61%
CACI International, Inc., Class AA		268,505		15,863
Ciber, Inc.A		399,800		2,007
Mantech International Corp.		221,100		9,021
Ness Technologies, Inc.A		756,000		5,799
SYNNEX Corp.A		622,600		17,631
Unisys Corp.		91,900		1,909
				52,230
Semiconductor Equipment & Products - 2.83%
Advanced Energy Industries, Inc.A.		44,200		469
Amkor Technology, Inc.A B		207,213		1,104
ATMI, Inc.A		70,200		1,309
Brooks Automation, Inc.		1,421,880		13,523
Cymer, Inc.A		167,760		7,386

	Shares		Value
			(000’s)
Diodes, Inc.A		96,800	$	2,280
Entegris, Inc.A		354,500		3,038
Entropic Communications, Inc.A B		1,635,230		10,923
Fairchild Semiconductor International, Inc.A		336,700		5,054
Kulicke & Soffa Industries, Inc.		191,700		1,764
Lattice Semiconductor Corp.A		313,700		1,945
Microsemi Corp.		62,885		1,248
MKS Instruments, Inc.		150,970		3,767
Novellus Systems, Inc.A		237,870		7,383
PMC — Sierra, Inc.		192,650		1,347
QLogic Corp.A		411,428		6,241
RF Micro Devices, Inc.A		581,400		3,924
Semtech Corp.A		106,290		2,477
Teradyne, Inc.A		493,600		6,659
Tessera Technologies, Inc.A		436,500		6,857
TriQuint Semiconductor, Inc.A		400,300		3,010
				91,708
Software - 2.23%
Aspen Technology, Inc.A		450,470		6,982
Cadence Design Systems, Inc.A		559,300		5,778
Cognex Corp.		557,750		18,937
DST Systems, Inc.		149,870		7,672
FARO Technologies, Inc.A		167,500		6,827
JDA Software Group, Inc.A		203,971		5,703
Mentor Graphics Corp.		1,184,700		13,541
Netscout Systems, Inc.A		281,460		4,292
Quest Software, Inc.A		127,160		2,413
				72,145
Total Information Technology				445,304
MATERIALS - 5.99%
Chemicals - 2.41%
A Schulman, Inc.		46,600		1,032
Arch Chemicals, Inc.		80,150		3,777
Cabot Corp.		176,200		6,889
Georgia Gulf Corp.A		90,400		1,812
HB Fuller Co.		115,420		2,639
Innophos Holdings, Inc.		57,700		2,781
Kraton Performance Polymers, Inc.A		84,800		3,061
NewMarket Corp.		38,000		6,233
OM Group, Inc.		296,660		10,763
PolyOne Corp.		933,000		14,461
Solutia, Inc.A		313,800		6,728
Stepan Co.		25,900		2,054
The Scotts Miracle-Gro Co., Class A		13,010		656
Westlake Chemical Corp.		175,700		9,092
WR Grace & Co.A		127,000		6,406
				78,384
Construction Materials - 0.03%
Ameron International Corp.		10,216		869
Containers & Packaging - 0.92%
Boise, Inc.		323,200		2,240
Greif, Inc., Class A		201,100		12,277
Jarden Corp.		286,530	$	8,880
Packaging Corp of America		233,520		6,228
Rock-Tenn Co., Class A		2,329		143
				29,768
Metals & Mining - 2.13%
AMCOL International Corp.		105,750		3,242
AuRico Gold, Inc.A		179,478		2,177
Carpenter Technology Corp.		171,630		9,858
Century Aluminum Co.		245,500		3,196
Coeur d’Alene Mines Corp.		569,824		15,551
Gibraltar Industries, Inc.		433,339		4,455
James River Coal Co.A B		67,448		1,279
Kaiser Aluminum Corp.		133,970		7,478
Minefinders Corp.A B		80,191		1,172
Noranda Aluminum Holding Corp.A		1,121,900		15,573
RTI International Metals, Inc.		72,900		2,338
Thompson Creek Metals Co. Inc.A		116,095		1,049
Worthington Industries, Inc.		74,649		1,565
				68,933
Paper & Forest Products - 0.50%
Domtar Corp.		76,100		6,084
Louisiana-Pacific Corp.		1,045,530		8,103
PH Glatfelter Co.		122,600		1,850
				16,037
Total Materials				193,991
TELECOMMUNICATION SERVICES - 0.28%
Cincinnati Bell, Inc.		529,300		1,831
EchoStar Corp., Class AA		102,400		3,426
Loral Space & Communications, Inc.A		56,400		3,682
Total Telecommunication Services				8,939
UTILITIES - 4.98%
Electric Utilities - 3.48%
Allete, Inc.		40,840		1,644
Black Hills Corp.B		101,800		3,042
El Paso Electric Co.		251,430		8,410
Great Plains Energy, Inc.		1,144,500		23,084
Hawaiian Electric Industries, Inc.		304,470		7,125
IDACORP, Inc.		186,455		7,311
NorthWestern Corp.		339,290		10,864
NV Energy, Inc.		566,303		8,404
Otter Tail Corp.		76,700		1,594
PNM Resources, Inc.		457,874		6,877
Portland General Electric Co.		981,789		24,328
TECO Energy, Inc.		19,335		358
The Empire District Electric Co.B		294,000		6,001
Unisource Energy Corp.		96,900		3,568
				112,610
Gas Utilities - 0.89%
AGL Resources, Inc.		128,000		5,222
Atmos Energy Corp.		294,740		9,854
Southwest Gas Corp.		59,300		2,211
UGI Corp.		169,500		5,136

	Shares		Value
			(000’s)
WGL Holdings, Inc.		166,070	$	6,445
				28,868
Multi-Utilities - 0.61%
Avista Corp.		153,400		3,867
Vectren Corp.		52,690		1,392
Westar Energy, Inc.		564,000		14,557
				19,816
Total Utilities				161,294
Total Common Stock (Cost $2,702,013)				3,127,982

	Shares
SHORT-TERM INVESTMENTS - 2.79% (Cost $90,449)
JPMorgan U.S. Government Money Market Fund		90,449,062		90,449
SECURITIES LENDING COLLATERAL - 5.67%
Wells Fargo Advantage Government Money Market Fund		4,845,520		4,846
American Beacon U.S. Government Money Market Select FundD		178,599,096		178,599
Total Securities Lending Collateral(Cost $183,445)				183,445
TOTAL INVESTMENTS - 105.07% (Cost $2,975,907)				3,401,876
LIABILITIES, NET OF OTHER ASSETS — (5.07%)				(164,058	)
TOTAL NET ASSETS - 100.00%			$	3,237,818

Percentages are stated as a percent of net assets.

A	Non-income producing security.
B	All or a portion of this security is on loan at July 31, 2011.
C	REIT
D	The Fund is affiliated by having the same investment advisor.

Futures Contracts
(000’s)

						Unrealized
						Appreciation/
	Number of Contracts		Expiration Date	Value		(Depreciation)
Russell 2000 Mini Index Future		1,189	September, 2011		94,585		(2,044	)
					94,585		(2,044	)

American Beacon International Equity Fund

July 31, 2011 (Unaudited)

	Shares		Value
			(000’s)
AUSTRALIA - 2.07%
COMMON STOCKS - 2.07% (Cost $26,467)
James Hardie Industries SE, CDI		501,450	$	3,147
National Australia Bank Ltd.		174,270		4,587
Nufarm Ltd.		307,090		1,464
Primary Health Care Ltd.		615,815		2,192
QBE Insurance Group Ltd.		601,326		10,819
Telstra Corp Ltd.		2,156,700		7,084
Total Australia				29,293
AUSTRIA - 0.18%
COMMON STOCKS - 0.18% (Cost $5,477)
Telekom Austria AG		202,700		2,485
BELGIUM - 0.60%
COMMON STOCKS - 0.60% (Cost $3,538)
Anheuser-Busch InBev N.V.		147,800		8,518
CANADA - 0.86%
COMMON STOCKS - 0.86% (Cost $9,775)
Potash Corp of Saskatchewan, Inc.		57,600		3,325
Rogers Communications, Inc., Class B		79,600		3,039
Talisman Energy, Inc.		319,100		5,812
Total Canada				12,176
FINLAND - 0.92%
COMMON STOCKS - 0.92% (Cost $19,796)
Nokia OYJ		1,639,103		9,485
Sampo OYJ, A Shares		115,100		3,500
Total Finland				12,985
FRANCE - 12.25%
COMMON STOCKS - 12.25% (Cost $150,574)
Air Liquide S.A.		35,116		4,812
Alstom S.A.		143,644		7,537
AXA S.A.		581,736		10,848
BNP Paribas S.A.		183,467		11,861
Carrefour S.A.		212,670		6,242
Cie Generale des Etablissements Michelin		90,220		7,556
Danone		82,250		5,852
EDF S.A.		145,570		5,525
France Telecom S.A.		605,380		12,503
Gemalto N.V.		103,177		4,905
Legrand S.A.		207,099		8,022
Sanofi		461,070		35,792
Societe Generale S.A.		137,400		6,779
Technip S.A.		69,550		7,581
Total S.A.		390,727		21,060
Valeo S.A.		110,396		6,749
Vinci S.A.		124,018		7,166
Vivendi S.A.		112,220		2,676
Total France				173,466
GERMANY - 8.49%
COMMON STOCKS - 8.49% (Cost $98,987)
Bayer AG		68,921		5,539
Bayerische Motoren Werke AG		73,420		7,366
Celesio AG		245,480		4,732
Deutsche Post AG		986,027		17,428
E.ON AG		426,700		11,784
Linde AG		49,695		8,926
Merck KGaA		102,250		10,928
Muenchener Rueckversicherungs AG		92,550		13,704
SAP AG		204,010		12,794
Siemens AG		210,377		27,018
Total Germany				120,219
GREECE - 0.46%
COMMON STOCKS - 0.46% (Cost $9,226)
OPAP S.A.		396,130		6,574
HONG KONG/CHINA - 3.93%
COMMON STOCKS - 3.93% (Cost $53,953)
AIA Group Ltd.		2,400,400		8,804
Cheung Kong Holdings Ltd.		472,500		7,196
Esprit Holdings Ltd.		3,224,723		9,393
Hang Seng Bank Ltd.		400,600		6,299
HSBC Holdings plc		1,128,796		11,107
Hutchison Whampoa Ltd.		187,000		2,174
Swire Pacific Ltd.		237,100		3,340
Yue Yuen Industrial Holdings Ltd.		2,281,667		7,304
Total Hong Kong/China				55,617
IRELAND - 0.67%
COMMON STOCKS - 0.67% (Cost $14,308)
CRH plc		243,030		4,753
Smurfit Kappa Group plc		465,636		4,737
Total Ireland				9,490
ISRAEL - 0.58%
COMMON STOCKS - 0.58% (Cost $8,810)
Teva Pharmaceutical Industries Ltd., ADRA		176,870		8,249
ITALY - 2.63%
COMMON STOCKS - 2.63% (Cost $45,852)
Atlantia SpA		180,397		3,332
ENI SpA		233,856		5,070
Finmeccanica SpA		566,485		4,342
Intesa Sanpaolo SpA		1,379,241		3,184
Saras SpA		4,787,605		9,823
Snam Rete Gas SpA		615,208		3,552
UniCredit SpA		4,501,489		7,997
Total Italy				37,300
JAPAN - 15.22%
COMMON STOCKS - 15.22% (Cost $193,068)
Asics Corp.		151,980		2,316
Canon, Inc.		139,900		6,804
Daito Trust Construction Co Ltd.		104,900		10,111
Don Quijote Co. Ltd		143,200		4,931
eAccess Ltd.B		4,290		1,900
East Japan Railway Co.		96,900		6,092

	Shares		Value
			(000’s)
FANUC Corp.		22,700	$	4,300
Haseko Corp.		2,868,018		2,340
Honda Motor Co Ltd.		373,500		14,915
ITOCHU Corp.		221,700		2,568
JGC Corp.		287,000		8,954
JS Group Corp.		245,600		6,148
JX Holdings, Inc.		477,500		3,455
KDDI Corp.		707		5,260
Konica Minolta Holdings, Inc.		347,500		2,826
Medipal Holdings Corp.		642,400		6,075
Mitsubishi Corp.		125,000		3,356
Mitsubishi UFJ Financial Group, Inc.		2,099,400		10,673
Nintendo Co. Ltd.		11,400		1,820
Ricoh Co Ltd.		600,000		6,484
Sankyo Co Ltd.		74,000		3,950
Seven & I Holdings Co. Ltd		114,600		3,264
Shin-Etsu Chemical Co Ltd.		213,100		11,513
SMC Corp.		44,700		8,227
Sony Financial Holdings, Inc.		521,800		9,401
Sumitomo Mitsui Financial Group, Inc.		320,800		10,127
Taiyo Nippon Sanso Corp.		685,000		5,365
Tokyo Electron Ltd.		62,200		3,355
Tokyo Steel Manufacturing Co. Ltd		773,200		7,944
Toyoda Gosei Co Ltd.		291,900		6,419
Toyota Motor Corp.		511,800		20,947
Yahoo Japan Corp.		15,781		5,593
Yamada Denki Co. Ltd.		100,230		8,007
Total Japan				215,440
NETHERLANDS - 5.58%
COMMON STOCKS - 5.58% (Cost $82,059)
Aegon N.V.		747,320		4,271
Akzo Nobel N.V.		227,782		13,873
ING Groep N.V.		1,137,340		12,167
Koninklijke Philips Electronics N.V.		660,750		16,473
Randstad Holding N.V.		83,910		3,765
Reed Elsevier N.V.B		980,318		13,039
SBM Offshore N.V.C		265,765		6,381
TNT Express N.V.		420,924		4,264
TNT N.V.		621,153		4,838
Total Netherlands				79,071
NEW ZEALAND - 0.36%
COMMON STOCKS - 0.36% (Cost $4,025)
Telecom Corp. of New Zealand Ltd.		2,190,500		5,030
NORWAY - 1.44%
COMMON STOCKS - 1.44% (Cost $13,538)
Aker Solutions ASA		184,300		3,223
Statoil ASA		266,630		6,526
Telenor ASA		640,840		10,685
Total Norway				20,434
PORTUGAL - 0.46%
COMMON STOCKS - 0.46% (Cost $5,853)
Portugal Telecom SGPS S.A.		747,760		6,471
SINGAPORE - 3.03%
COMMON STOCKS - 3.03% (Cost $25,725)
DBS Group Holdings Ltd.		1,898,060		24,421
SembCorp Industries Ltd.		143,000		600
SembCorp Marine Ltd.		987,000		4,414
Singapore Telecommunications Ltd.		3,428,000		9,548
United Overseas Bank Ltd.		229,911		3,905
Total Singapore				42,888
SOUTH KOREA - 2.24%
COMMON STOCKS - 2.24% (Cost $22,922)
Hyundai Heavy Industries Co Ltd.		16,362		6,320
KB Financial Group, Inc., ADRA		143,018		7,095
KT&G Corp.		153,772		9,568
LG Electronics, Inc.		33,975		2,587
POSCO		4,910		2,160
Samsung Electronics Co. Ltd., GDRD E		10,114		3,978
Total South Korea				31,708
SPAIN - 3.47%
COMMON STOCKS - 3.47% (Cost $42,692)
Amadeus IT Holding S.A., A Shares		221,700		4,455
Banco Santander S.A.		884,366		9,234
Enagas S.A.		307,785		6,999
Gamesa Corp Tecnologica S.A.		541,541		3,934
Iberdrola S.A.		739,346		5,995
Repsol YPF S.A.		257,990		8,107
Tecnicas Reunidas S.A.		105,422		4,619
Telefonica S.A.		259,268		5,784
Total Spain				49,127
SWEDEN - 1.95%
COMMON STOCKS - 1.95% (Cost $24,410)
Assa Abloy AB		110,800		2,841
Skandinaviska Enskilda Banken AB, A Shares		652,034		4,954
Svenska Cellulosa AB, B Shares		259,970		3,779
Swedbank AB, A Shares		258,100		4,517
Telefonaktiebolaget LM Ericsson, B Shares		922,780		11,544
Total Sweden				27,635
SWITZERLAND - 8.11%
COMMON STOCKS - 8.11% (Cost $100,592)
Adecco S.A.		69,120		4,143
Givaudan S.A.		6,394		6,985
Julius Baer Group Ltd.		92,800		3,911
Nestle S.A.		67,550		4,297
Novartis AG		585,099		35,868
Roche Holding AG		140,882		25,253
Swiss Re Ltd.		100,960		5,684
UBS AG		1,356,734		22,407
Zurich Financial Services AG		26,423		6,271
Total Switzerland				114,819
UNITED KINGDOM - 20.75%
COMMON STOCKS - 20.75% (Cost $257,367)
Aviva plc		1,667,651		10,842
BAE Systems plc		1,267,054		6,287
Balfour Beatty plc		938,316		4,647

	Shares		Value
			(000’s)
Barclays plc		1,466,719		5,344
BG Group plc		101,542	$	2,388
BHP Billiton plc		206,292		7,751
BP plc		2,219,344		16,685
British American Tobacco plc		410,541		18,921
Diageo plc		188,780		3,838
Eurasian Natural Resources Corp plc		288,256		3,617
GlaxoSmithKline plc		833,590		18,601
Home Retail Group plc		2,424,703		5,369
HSBC Holdings plc		1,344,184		13,128
Informa plc		870,343		5,734
International Power plc		597,900		2,987
Kingfisher plc		1,370,800		5,655
Lonmin plc		296,110		6,115
Marks & Spencer Group plc		646,520		3,657
Michael Page International plc		505,512		4,140
Pearson plc		305,380		5,856
Petrofac Ltd.		179,167		4,092
Prudential plc		428,180		4,813
Resolution Ltd.		207,243		935
Rexam plc		1,869,689		11,355
Rio Tinto plc		69,070		4,822
Rolls-Royce Holdings plc		1,828,013		19,473
Royal Dutch Shell plc, A Shares		299,638		10,918
Royal Dutch Shell plc, B Shares		299,206		10,927
Standard Chartered plc		419,044		10,654
Tesco plc		921,454		5,777
Unilever plc		676,759		21,640
Vodafone Group plc		7,640,043		21,529
WM Morrison Supermarkets plc		929,100		4,417
WPP plc		352,600		3,980
Xstrata plc		326,530		6,861
Total United Kingdom				293,755
UNITED STATES - 0.39%
COMMON STOCKS - 0.39% (Cost $8,673)
Flextronics International Ltd.F		848,510		5,473
SHORT-TERM INVESTMENTS - 2.41% (Cost $34,119)
JPMorgan U.S. Government Money Market Fund		34,118,660		34,119
SECURITIES LENDING COLLATERAL - 1.04% (Cost $14,746)
American Beacon U.S. Government Money Market Select FundG		13,158,347		13,158
Wells Fargo Advantage Government Money Market Fund		1,587,989		1,588
Total Securities Lending Collateral				14,746
TOTAL INVESTMENTS - 100.09% (Cost $1,276,552)				1,417,088
LIABILITIES, NET OF OTHER ASSETS — (0.09%)				(1,313	)
TOTAL NET ASSETS - 100.00%			$	1,415,775

Percentages are stated as a percent of net assets.

A	ADR — American Depositary Receipt
B	All or a portion of this security is on loan at July 31, 2011.
C	Private Placement
D	Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $3,978 or 0.28% of net assets. The Fund has no right to demand registration of these securities
E	GDR — Global Depositary Receipt
F	Non-income producing security.
G	The Fund is affiliated by having the same investment advisor.

Futures Contracts
(000’s)

						Unrealized
	Number of					Appreciation/
	Contracts		Expiration Date	Value		(Depreciation)
France CAC 40 Index		89	September, 2011		4,695		(184	)
Germany DAX Index		17	September, 2011		4,386		(82	)
UK FTSE 100 Index		110	September, 2011		10,445		(132	)
Hang Seng Index		9	August, 2011		1,289		(6	)
Italy MIB 30 Index		9	September, 2011		1,192		(38	)
Tokyo FE TOPIX Index		93	September, 2011		10,132		(192	)
Spain IBEX 35 Index		12	August, 2011		1,655		3
Sweden OMX Index		87	August, 2011		1,477		(33	)
Canada S&PCDA 60 Index		34	September, 2011		5,218		(196	)
Australia SPI Index		34	September, 2011		4,087		(147	)
Netherlands 200 AEX Index		12	August, 2011		1,130		(22	)
					45,706		(1,029	)

Forward Foreign Currency Exchange Contracts
(000’s)

		Settlement			Unrealized Gain/
Contracts To Deliver		Date	Market Value		(Loss)
4,702	Canadian Dollar	9/16/2011		4,916		(40	)
3,096	Swiss Franc	9/16/2011		3,936		(178	)
7,931	Euro Currency	9/16/2011		11,384		(151	)
693,667	Japanese Yen	9/16/2011		9,016		(271	)
7,918	Swedish Krona	9/16/2011		1,256		(31	)
5,464	Pound Sterling	9/16/2011		8,965		(176	)
3,331	Australian Dollar	9/16/2011		3,639		(89	)
Total contracts to deliver			$	43,112		(936	)
(Receivable amount $42,176)

		Settlement			Unrealized Gain/
Contracts To Deliver		Date	Market Value		(Loss)
9,266	Canadian Dollar	9/16/2011		9,688		77
6,111	Swiss Franc	9/16/2011		7,770		438
15,411	Euro Currency	9/16/2011		22,121		(36	)
1,360,045	Japanese Yen	9/16/2011		17,676		647
15,910	Swedish Krona	9/16/2011		2,523		20
10,790	Pound Sterling	9/16/2011		17,703		126
6,656	Australian Dollar	9/16/2011		7,272		192
Total contracts to receive			$	84,753		1,464
(Payable amount $(83,289))
Net Currency Fluctuation						528

American Beacon Emerging Markets Fund

July 31, 2011 (Unaudited)

	Shares		Value
			(000’s)
ARGENTINA - 0.43%
COMMON STOCKS - 0.43% (Cost $688)
Banco Macro S.A., ADRA		4,192	$	145
Nortel Inversora S.A., ADRA		18,400		507
Total Argentina				652
AUSTRIA - 1.20%
COMMON STOCKS - 1.20% (Cost $1,750)
Erste Group Bank AG		38,472		1,834
BRAZIL - 15.39%
COMMON STOCKS - 13.58% (Cost $20,032)
Banco do Brasil S.A.		71,200		1,207
Banco Santander Brasil S.A., ADRA		209,200		1,941
BM&FBovespa S.A.		41,500		243
BRF — Brasil Foods S.A.B		30,210		575
Centrais Eletricas Brasileiras S.A.B		45,366		548
Centrais Eletricas Brasileiras S.A., ADRA		100,100		1,208
Cia de Bebidas das Americas, ADRA		17,580		528
Cia de Saneamento de Minas Gerais-COPASAB		400		8
Cielo S.A.		4,380		122
EDP — Energias do Brasil S.A.		6,800		170
Embraer S.A., ADRA		9,280		274
Fibria Celulose S.A., ADRA		25,500		305
Gerdau S.A., ADRA		54,460		497
Grendene S.A.		31,840		179
Hypermarcas S.A.		11,800		91
Itau Unibanco Holding S.A., ADRA		46,119		939
JBS S.A.		175,100		524
Magnesita Refratarios S.A.B C		53,700		217
Marfrig Alimentos S.A.		166,000		1,627
MRV Engenharia e Participacoes S.A.		18,500		137
PDG Realty S.A. Empreendimentos e Participacoes		55,100		291
Petroleo Brasileiro S.A., ADRA B		54,080		1,837
Petroleo Brasileiro S.A., A Shares, ADRA B		101,479		3,118
Porto Seguro S.A.		5,360		75
Redecard S.A.		65,520		1,128
Telecomunicacoes de Sao Paulo S.A., ADRA.		47,735		1,514
Vale S.A., ADRA		22,950		744
Viver Incorporadora e Construtora S.A.B		514,200		776
Total Common Stocks				20,823
PREFERRED STOCKS - 1.81% (Cost $1,789)
Cia de Tecidos do Norte de Minas — Coteminas		40,262		106
Cia Energetica do Ceara		31,800		721
Gerdau S.A.		5,800		52
Itau Unibanco Holding S.A.		23,255		471
Tele Norte Leste Participacoes S.A., ADRA		34,360		480
Ultrapar Participacoes S.A.		11,600		207
Vale S.A., A Shares		10,704		315
Vale S.A., ADRA		14,086		417
Total Preferred Stocks				2,769
Total Brazil				23,592
CAYMAN ISLANDS - 0.64%
COMMON STOCKS - 0.64% (Cost $937)
China Mengniu Dairy Co Ltd.		77,000		267
GCL-Poly Energy Holdings Ltd.		397,000		225
Mindray Medical International Ltd., ADRA.		13,610		369
TPK Holding Co Ltd.B		4,000		118
Total Cayman Islands				979
CHILE - 0.47%
COMMON STOCKS - 0.47% (Cost $738)
Banco Santander-Chile, ADRA		1,500		139
Cencosud S.A.		36,246		239
Empresa Nacional de Electricidad S.A., ADRA		400		21
Empresa Nacional de Electricidad S.A.		109,000		196
Enersis S.A.		18,595		8
Grupo Enersis SA, ADRA		5,466		120
Total Chile				723
CHINA - 0.22%
COMMON STOCKS - 0.22% (Cost $403)
Shanghai Pharmaceuticals Holding Co Ltd.B		73,000		162
Zhejiang Expressway Co. Ltd.		256,000		179
Total China				341
CZECH REPUBLIC - 2.04%
COMMON STOCKS - 2.04% (Cost $2,527)
CEZ AS		9,900		512
Komercni Banka AS		1,524		340
Telefonica Czech Republic AS		89,488		2,277
Total Czech Republic				3,129
EGYPT - 0.59%
COMMON STOCKS - 0.59% (Cost $1,001)
Commercial International Bank Egypt SAE		120,292		548
Juhayna Food IndustriesB		142,046		131
Telecom Egypt		84,912		221
Total Egypt				900
HONG KONG/CHINA - 17.10%
COMMON STOCKS - 17.10% (Cost $27,042)
Bank of China Ltd.		575,890		265
Bank of Communications Co Ltd.D		328,900		287
Beijing Capital International Airport Co Ltd.		780,000		366
Belle International Holdings Ltd.		152,000		334
BYD Electronic International Co Ltd.		686,500		245
Chaoda Modern Agriculture Holdings Ltd.		2,200,000		885
China Coal Energy Co Ltd.		274,000		394

	Shares		Value
			(000’s)
China Construction Bank Corp.		1,473,325		1,185
China Dongxiang Group Co.		1,469,000	$	335
China Gas Holdings Ltd.		314,000		118
China Life Insurance Co Ltd.		171,000		572
China Minsheng Banking Corp Ltd.		234,000		206
China Mobile Ltd.		302,500		3,010
China Pacific Insurance Group Co Ltd.		91,600		347
China Petroleum & Chemical Corp.		46,370		46
China Petroleum & Chemical Corp., ADRA		1,260		125
China Power International Development Ltd.		1,148,800		286
China Railway Construction Corp Ltd.		310,500		189
China Railway Group Ltd.		703,000		264
China Resources Power Holdings Co Ltd.		1,078,000		2,100
China Telecom Corp Ltd.		468,000		305
China Yuchai International Ltd.		25,420		483
China ZhengTong Auto Services Holdings Ltd.B		140,000		185
CNOOC Ltd.		111,000		247
Dickson Concepts International Ltd.		687,945		520
First Pacific Co. Ltd.		2,147,074		2,159
Global Bio-Chem Technology Group Co. Ltd.		702,520		262
Guangzhou Automobile Group Co Ltd.		343,370		416
Hengan International Group Co Ltd.		27,000		234
Huaneng Power International, Inc.		1,101,900		542
Huaneng Power International, Inc., ADRA		370		7
Industrial & Commercial Bank of China		1,151,555		881
Maanshan Iron & Steel		262,000		113
NWS Holdings Ltd.		216,817		315
People’s Food Holdings Ltd.		1,313,911		797
Perfect World Co Ltd., ADRA B		15,730		311
PetroChina Co. Ltd.		872,000		1,239
Ping An Insurance Group Co.		36,500		357
Renhe Commercial Holdings Co Ltd.		2,254,000		445
Shanghai Industrial Holdings Ltd.		48,000		175
Sinotrans Ltd.		6,639,058		1,473
Sohu.com, Inc.B		4,500		405
Tencent Holdings Ltd.		20,900		547
TPV Technology Ltd.		264,970		136
Want Want China Holdings Ltd.		260,000		232
Weiqiao Textile Co.		1,684,600		1,149
West China Cement Ltd.		436,000		139
Xinhua Winshare Publishing and Media Co Ltd.		477,000		255
Xinjiang Goldwind Science & Technology Co Ltd.C		30,000		23
Yanzhou Coal Mining Co Ltd.		86,000		328
Total Hong Kong/China				26,239
HUNGARY - 1.00%
COMMON STOCKS - 1.00% (Cost $1,301)
Magyar Telekom Telecommunications plc		421,763		1,221
Richter Gedeon Nyrt		1,548		309
Total Hungary				1,530
INDIA - 6.20%
COMMON STOCKS - 6.20% (Cost $8,802)
Asian Paints Ltd.		3,162	$	224
Bank of India		19,470		169
Dr Reddy’s Laboratories Ltd.		8,327		298
Engineers India Ltd.		26,255		171
GAIL India Ltd.		16,460		173
Glenmark Pharmaceuticals Ltd.		65,769		492
HDFC Bank Ltd.		47,040		520
Hindustan Petroleum Corp Ltd.		33,890		294
ICICI Bank Ltd.		17,203		403
India Cements Ltd.		263,740		416
IndusInd Bank Ltd.		37,662		231
Infosys Technologies Ltd.		11,861		741
ITC Ltd.		69,385		327
Jindal Steel & Power Ltd.		16,299		216
Jubilant Life Sciences Ltd.		70,760		341
Larsen & Toubro Ltd.		7,117		277
Mahanagar Telephone Nigam		186,640		199
NMDC Ltd.		59,760		324
Oriental Bank of Commerce		20,360		162
Reliance Industries Ltd.		86,396		1,615
Rolta India Ltd.		113,420		299
State Bank of India		5,000		264
State Bank of India, GDRD E		5,090		565
Steel Authority of India Ltd.		55,670		159
Sterlite Industries India Ltd.		76,060		275
Sterlite Industries India Ltd., ADRA		40		1
Tata Consultancy Services Ltd.		13,900		357
Total India				9,513
INDONESIA - 2.45%
COMMON STOCKS - 2.45% (Cost $2,642)
Aneka Tambang Tbk PT		194,000		46
Astra Agro Lestari Tbk PT		45,500		126
Astra International Tbk PT		57,400		475
Bank Central Asia Tbk PT		406,000		395
Bank Mandiri Tbk PT		355,500		327
Indofood Sukses Makmur Tbk PT		431,500		322
Indosat Tbk PT		883,000		565
Kalbe Farma Tbk PT		176,500		72
Lippo Karawaci Tbk PT		3,957,000		363
Medco Energi Internasional Tbk PT		1,076,000		316
Telekomunikasi Indonesia Tbk PT		872,800		753
Total Indonesia				3,760
LEBANON - 0.20%
COMMON STOCKS - 0.20% (Cost $365)
Banque Audi sal- Audi Saradar Group, GDRE		21,549		160
BLOM Bank SAL, GDRE		374		3
BLOM Bank SAL, GDRE		17,318		140
Total Lebanon				303
LUXEMBOURG - 0.18%
COMMON STOCKS - 0.18% (Cost $243)
Samsonite International S.A.B		129,000		277

	Shares		Value
			(000’s)
MALAYSIA - 1.95%
COMMON STOCKS - 1.95% (Cost $2,863)
Axiata Group Bhd		385,200	$	662
CIMB Group Holdings Bhd		116,000		323
Genting Malaysia Bhd		109,010		134
Malayan Banking Bhd		97,172		287
Proton Holdings Bhd		928,700		995
Sime Darby Bhd		91,100		281
Tenaga Nasional Bhd		149,750		309
Total Malaysia				2,991
MEXICO - 4.35%
COMMON STOCKS - 4.35% (Cost $6,385)
America Movil SAB de CV, ADRA		54,194		1,399
Cemex SAB de CV, ADRA		153,000		1,077
Consorcio ARA SAB de CV		299,700		157
Desarrolladora Homex SAB de CV, ADRA B		17,304		454
Empresas ICA SAB de CV		53,300		108
Fomento Economico Mexicano SAB de CV, ADRA		9,400		680
Gruma SAB de CV		611,690		1,302
Grupo Financiero Banorte SAB de CV		116,089		508
Grupo Televisa S.A., ADRA		21,000		466
Industrias CH SAB de CVB		11,400		40
Telefonos de Mexico SAB de CV, ADRA		30,050		486
Total Mexico				6,677
PERU - 0.42%
COMMON STOCKS - 0.42% (Cost $655)
Cia de Minas Buenaventura S.A., ADRA		7,930		324
Credicorp Ltd.		3,210		314
Total Peru				638
PHILIPPINES - 2.05%
COMMON STOCKS - 2.05% (Cost $2,736)
Ayala Corp.		37,872		293
Bank of the Philippine Islands		125,923		178
First Philippine Holdings Corp.		544,870		800
Metro Pacific Investments Corp.		4,439,000		380
Metropolitan Bank & Trust		266,069		486
Pepsi-Cola Products Philippines, Inc.C		5,274,000		297
Philippine Long Distance Telephone Co.		6,580		372
SM Investments Corp.		26,030		335
Total Philippines				3,141
POLAND - 1.14%
COMMON STOCKS - 1.14% (Cost $1,870)
Asseco Poland S.A.		20,121		344
Bank Pekao S.A.		2,940		168
Central European Distribution Corp.B		11,173		108
Eurocash S.A.		58,276		570
Telekomunikacja Polska S.A.		88,979		557
Total Poland				1,747
RUSSIA - 3.67%
COMMON STOCKS - 3.67% (Cost $4,365)
Digi Link Technologies, Inc.		5,799		242
Eurasia Drilling Co Ltd., GDRE		2,986		87
Eurasia Drilling Co Ltd., GDRE		3,279		97
Gazprom OAO, ADRA		157,200	$	2,305
Lukoil OAO, ADRA		97		6
Lukoil OAO, ADRA		27,434		1,842
Rosneft Oil Co., GDRE		12,998		110
Rosneft Oil Co., GDRB E		48,007		409
VimpelCom Ltd., ADRA		42,230		524
Total Russia				5,622
SINGAPORE - 0.35%
COMMON STOCKS - 0.35% (Cost $526)
Haw Par Corp Ltd.		108,325		543
SOUTH AFRICA - 6.30%
COMMON STOCKS - 6.30% (Cost $8,299)
Anglo Platinum Ltd.		8,402		717
ArcelorMittal South Africa Ltd.		13,404		137
AVI Ltd.		78,242		377
Clicks Group Ltd.		50,780		302
JD Group Ltd.		60,290		385
MTN Group Ltd.		83,761		1,809
Murray & Roberts Holdings Ltd.		83,090		382
Naspers Ltd., N Shares		15,139		806
Nedbank Group Ltd.		11,340		238
Pick n Pay Stores Ltd.		63,535		390
SABMiller plc		19,075		716
Sappi Ltd.		58,394		265
Sasol Ltd.		4,820		241
Standard Bank Group Ltd.		180,744		2,625
Telkom SA Ltd.		49,070		262
Total South Africa				9,652
SOUTH KOREA - 17.14%
COMMON STOCKS - 16.31% (Cost $20,578)
Amorepacific Corp.		38		43
Cheil Industries, Inc.		1,778		203
Cheil Worldwide, Inc.		10,720		169
E-Mart Co. LtdB		766		200
Grand Korea Leisure Co Ltd.		16,460		365
GS Engineering & Construction Corp.		1,537		173
Hite Brewery Co Ltd.		2,347		247
Hyundai Development Co.		10,050		315
Hyundai Engineering & Construction Co Ltd.		3,103		254
Hyundai Mobis		1,365		492
Hyundai Motor Co.		4,204		935
Hyundai Steel Co.		2,130		262
Jinro Ltd.		6,310		212
KB Financial Group, Inc.		55,048		2,735
Korea Aerospace Industries Ltd.B		7,360		193
Korea Electric Power Corp.		77,885		1,892
Korea Exchange Bank		84,120		746
Korean Reinsurance Co.		7,303		92
KT Corp.		2,720		102
KT Corp., ADRA		7,030		139
KT&G Corp.		4,261		265
LG Chem Ltd.		1,055		470
LG Electronics, Inc.		7,160		545
LG Household & Health Care Ltd.		194		88

	Shares		Value
			(000’s)
Lotte Chilsung Beverage Co Ltd.		1,119		1,538
Lotte Confectionery Co Ltd.		254	$	434
Mando Corp.		1,111		220
Mirae Asset Securities Co. Ltd.		3,680		170
NCSoft Corp.		1,059		327
NHN Corp.		1,135		226
NongShim Co Ltd.		1,498		359
OCI Co Ltd., GDRB E		2,965		114
OCI Co Ltd.		122		47
POSCO, ADRA		380		42
POSCO		5,550		2,442
Samsung Electronics Co. Ltd.		2,992		2,391
Samsung Fire & Marine Insurance Co Ltd.		1,805		408
Shinhan Financial Group Co Ltd.		35,862		1,718
Shinsegae Co Ltd.		749		233
SK Chemicals Co Ltd.		2,678		203
SK Telecom Co Ltd.		10,820		1,505
SK Telecom Co Ltd., ADRA		16,620		265
SSCP Co Ltd.		10,075		40
Tong Yang Life Insurance		31,530		420
Woongjin Coway Co Ltd.		7,496		290
Yuhan Corp.		3,503		487
Total Common Stocks				25,016
PREFERRED STOCKS - 0.83% (Cost $954)
Hyundai Motor Co.		15,412		1,071
Samsung Electronics Co. Ltd.		385		205
Total Preferred Stocks				1,276
Total South Korea				26,292
TAIWAN - 4.99%
COMMON STOCKS - 4.99% (Cost $6,789)
Advanced Semiconductor Engineering, Inc.		108,000		117
Asustek Computer, Inc.		34,648		279
AU Optronics Corp.		145,000		79
AU Optronics Corp., ADRA		54,760		302
Catcher Technology Co. Ltd.		21,000		184
Chimei Innolux Corp.		28,000		15
China Steel Corp.		2,744		3
Chinatrust Financial Holding Co Ltd.		143,914		130
First Financial Holding Co Ltd.		139,290		115
Formosa Plastics Corp.		78,000		293
Fubon Financial Holding Co Ltd.		150,034		245
Hon Hai Precision Industry Co Ltd.		328,509		937
HTC Corp.		13,458		400
KGI Securities Co Ltd.		365,000		206
Nan Ya Printed Circuit Board Corp.		140,099		471
Novatek Microelectronics Corp.		84,000		235
Powertech Technology, Inc.		92,400		266
Siliconware Precision Industries Co.		242,000		240
Siliconware Precision Industries Co., ADRA		9,260		46
SinoPac Financial Holdings Co Ltd.		1,226,987		532
Taiwan Cement Corp.		57,000		90
Taiwan Semiconductor Manufacturing Co Ltd.		319,385		797
Tatung Co Ltd.		397,298		204
Transcend Information, Inc.		120,520		326
Uni-President Enterprises Corp.		203,400		334
United Microelectronics Corp.		1,008,226		453
Young Fast Optoelectronics Co Ltd.		74,541		346
Total Taiwan				7,645
THAILAND - 1.10%
COMMON STOCKS - 1.10% (Cost $1,034)
Bangkok Bank PCL		50,090		295
Kasikornbank PCL, NVDRF		83,200		391
Kasikornbank PCL		34,800		165
Land and Houses PCL, NVDRF		1,260,500		286
PTT PCL, NVDRF		20,400		236
Siam Cement PCL, NVDRF		24,800		316
Total Thailand				1,689
TURKEY - 2.59%
COMMON STOCKS - 2.59% (Cost $4,145)
Anadolu Efes Biracilik Ve Malt Sanayii AS		30,951		408
Asya Katilim Bankasi AS		137,080		194
Coca-Cola Icecek AS		13,811		199
Dogus Otomotiv Servis ve Ticaret AS		244,044		654
Turk Telekomunikasyon AS		79,675		340
Turkcell Iletisim Hizmetleri AS		31,130		160
Turkcell Iletisim Hizmetleri AS, ADRA		7,420		95
Turkiye Is Bankasi		169,572		486
Turkiye Vakiflar Bankasi Tao		684,347		1,437
Total Turkey				3,973
UNITED KINGDOM - 0.08%
COMMON STOCKS - 0.08% (Cost $107)
JKX Oil & Gas plc		30,390		119
UNITED STATES - 0.97%
COMMON STOCKS - 0.97% (Cost $1,757)
Flextronics International Ltd.B		230,410		1,486
SHORT-TERM INVESTMENTS - 3.46% (Cost $5,298)
JPMorgan U.S. Government Money Market Fund.		5,298,170		5,298
TOTAL INVESTMENTS - 98.67% (Cost $138,621)				151,285
OTHER ASSETS, NET OF LIABILITIES - 1.33%				2,034
TOTAL NET ASSETS - 100.00%			$	153,319

Percentages are stated as a percent of net assets.

A	ADR — American Depositary Receipt
B	Non-income producing security.
C	Private Placement
D	Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of

	these securities amounted to $852 or 0.56% of net assets. The Fund has no right to demand registration of these securities
E	GDR — Global Depositary Receipt
F	NVDR — Non Voting Depositary Receipt

Futures Contracts
   (000’s)

						Unrealized
	Number of					Appreciation/
	Contracts		Expiration Date	Value		(Depreciation)
MSCI Emerging Market EMini Future		127	September, 2011		7,287		(133	)
					7,287		(133	)

American Beacon High Yield Bond Fund
July 31, 2011 (Unaudited)

	Shares		Value
	(000’s)		(000’s)
COMMON STOCKS - 0.42%
COMMUNICATIONS- 0.04%
Media - 0.04%
Dex One Corp.A	$	23,761	$	48
SuperMedia, Inc.A		1,037		4
				52
CONSUMER DISCRETIONARY- 0.14%
Automobiles - 0.14%
General Motors Co.A		6,258		173
FINANCIALS- 0.05%
Finance - 0.05%
Marsico Holdings LLCA B		13,199		66
RIGHTS/WARRANTS- 0.19%
Charter Communications, Inc.,A C D E
Due 11/30/2014A C D E		5,175		69
General Motors Co.,A C E
Due 7/10/2016A C E		5,689		107
Due 7/10/2019A C E		5,689		77
				253
Total Common Stocks (Cost $2,311)				544
PREFERRED STOCKS - 0.37%
FINANCIALS- 0.37%
Diversified Financials - 0.02%
Federal Home Loan Mortgage Corp.		10,000		29
Finance - 0.35%
Ally Financial, Inc.F		159		144
GMAC Capital Trust I		11,600		298
				442
Total Preferred Stocks (Cost $541)				471

	Par Amount		Value
	(000’s)		(000’s)
CORPORATE OBLIGATIONS - 93.17%
Finance - 9.04%
Alliant Holdings I, Inc., 11.00%, Due 5/1/2015F		525		554
Ally Financial, Inc.,
6.875%, Due 8/28/2012		600		618
8.00%, Due 12/31/2018		300		319
7.50%, Due 9/15/2020		400		420
Bank of America Corp., 8.125%, Due 12/29/2049		600		618
Bank One Capital III, 8.75%, Due 9/1/2030		420		538
CIT Group, Inc.,
7.00%, Due 5/2/2017F		1,100		1,102
6.625%, Due 4/1/2018F		100		106
E*Trade Financial Corp., 12.50%, Due 11/30/2017G		640		765
Fontainebleau Las Vegas Holdings LLC, 10.25%, Due 6/15/2015B F H		1,800		1
Harbinger Group, Inc., 10.625%, Due 11/15/2015		375		384
HUB International Holdings, Inc., 10.25%, Due 6/15/2015F		825		825
International Lease Finance Corp., 5.65%, Due 6/1/2014		1,000		1,014

	Par Amount		Value
	(000’s)		(000’s)
iPayment, Inc., 10.25%, Due 5/15/2018F	$	325	$	328
Liberty Mutual Group, Inc., 10.75%, Due 6/15/2058F I		735		972
Marsico Holdings LLC, 10.625%, Due 1/15/2020B F G		805		483
MBNA Capital A, 8.278%, Due 12/1/2026		625		641
MetLife, Inc., 10.75%, Due 8/1/2039		300		426
Nationwide Mutual Insurance Co., 9.375%, Due 8/15/2039F		500		638
Nuveen Investments, Inc., 10.50%, Due 11/15/2015		225		235
Oppenheimer Holdings, Inc., 8.75%, Due 4/15/2018F		300		314
WMG Acquisition Corp., 11.50%, Due 10/1/2018F		275		276
				11,577
Industrials - 77.04%
Abengoa Finance SAU, 8.875%, Due 11/1/2017F		600		603
Academy Ltd., 9.25%, Due 8/1/2019F		300		305
Accuride Corp., 9.50%, Due 8/1/2018		670		715
Advanced Micro Devices, Inc.,
8.125%, Due 12/15/2017		200		213
7.75%, Due 8/1/2020		400		421
Allison Transmission, Inc., 7.125%, Due 5/15/2019F		845		828
American Petroleum Tankers Parent LLC, 10.25%, Due 5/1/2015B		679		703
Antero Resources Finance Corp., 7.25%, Due 8/1/2019F		525		533
Aquilex Holdings LLC, 11.125%, Due 12/15/2016B		250		240
Arch Coal, Inc.,
7.00%, Due 6/15/2019F		100		105
7.25%, Due 6/15/2021F		200		210
ARD Finance S.A., 11.125%, Due 6/1/2018F		200		205
Atkore International, Inc., 9.875%, Due 1/1/2018F		365		386
Avaya, Inc., 7.00%, Due 4/1/2019F		375		363
Aviv Healthcare Properties LP, 7.75%, Due 2/15/2019F		500		509
Berry Petroleum Co., 10.25%, Due 6/1/2014		397		454
Boart Longyear Management Property Ltd., 7.00%, Due 4/1/2021F		100		103
Brigham Exploration Co., 6.875%, Due 6/1/2019F		145		152
Brightstar Corp., 9.50%, Due 12/1/2016F		275		294
Buccaneer Merger Sub, Inc., 9.125%, Due 1/15/2019F		300		314
Cablevision Systems Corp., 8.625%, Due 9/15/2017		500		553
Caesars Entertainment Operating Co. Inc, 10.75%, Due 2/1/2016		625		613
Caesars Entertainment Operating Co. Inc., 11.25%, Due 6/1/2017		900		990
Calumet Specialty Products Partners LP, 9.375%, Due 5/1/2019F		200		205
Carrizo Oil & Gas, Inc., 8.625%, Due 10/15/2018		100		107
CCH II LLC, 13.50%, Due 11/30/2016B		200		236
CCO Holdings LLC,
7.25%, Due 10/30/2017B		200		211
6.50%, Due 4/30/2021B		200		200
CDRT Merger Sub, Inc., 8.125%, Due 6/1/2019F		300		300
CDW LLC, 8.50%, Due 4/1/2019B F		500		494
CEDC Finance Corp International, Inc., 9.125%, Due 12/1/2016F		950		830
Cemex SAB de CV, 9.00%, Due 1/11/2018F		1,115		1,047
Cengage Learning Acquisitions, Inc., 10.50%, Due 1/15/2015F		475		406
Central Garden and Pet Co., 8.25%, Due 3/1/2018		445		458
Cenveo Corp., 8.875%, Due 2/1/2018		475		460
CEVA Group plc,
11.625%, Due 10/1/2016F		100		109
11.50%, Due 4/1/2018F		400		421
CF Industries Holdings, Inc., 7.125%, Due 5/1/2020		285		334
Chaparral Energy, Inc.,
9.875%, Due 10/1/2020		500		546

	Par Amount		Value
	(000’s)		(000’s)
8.25%, Due 9/1/2021	$	500	$	516
CHC Helicopter S.A., 9.25%, Due 10/15/2020F		800		716
Chesapeake Energy Corp.,
6.625%, Due 8/15/2020		700		756
6.125%, Due 2/15/2021		100		105
Chrysler Group LLC, 8.25%, Due 6/15/2021B F		200		196
Cie Generale de Geophysique — Veritas, 6.50%, Due 6/1/2021F		500		494
Citadel Broadcasting Corp., 7.75%, Due 12/15/2018F		300		323
Clayton Williams Energy, Inc., 7.75%, Due 4/1/2019F		690		673
Clear Channel Communications, Inc., 9.00%, Due 3/1/2021F		900		850
Clearwire Communications LLC, 12.00%, Due 12/1/2017B F		475		474
ClubCorp Club Operations, Inc., 10.00%, Due 12/1/2018		500		498
Coffeyville Resources LLC, 10.875%, Due 4/1/2017B F		560		643
Colt Defense LLC, 8.75%, Due 11/15/2017B		230		201
CommScope, Inc., 8.25%, Due 1/15/2019F		300		312
Community Health Systems, Inc., 8.875%, Due 7/15/2015		600		620
Concho Resources Inc., 6.50%, Due 1/15/2022		355		371
Consol Energy, Inc.,
8.00%, Due 4/1/2017		770		848
8.25%, Due 4/1/2020		365		406
CRC Health Corp., 10.75%, Due 2/1/2016		475		488
Cricket Communications, Inc.,
7.75%, Due 10/15/2020F		285		282
7.75%, Due 10/15/2020		1,030		1,021
Cumulus Media, Inc., 7.75%, Due 5/1/2019F		300		288
Dave & Buster’s, Inc., 11.00%, Due 6/1/2018		600		657
Dean Foods Co., 9.75%, Due 12/15/2018F		600		642
Del Monte Foods Co., 7.625%, Due 2/15/2019F		500		514
Digicel Group Ltd., 9.125%, Due 1/15/2015F		475		483
DISH DBS Corp., 7.125%, Due 2/1/2016		1,000		1,067
DJO Finance LLC, 7.75%, Due 4/15/2018B F		200		204
DynCorp International, Inc., 10.375%, Due 7/1/2017		730		734
eAccess Ltd., 8.25%, Due 4/1/2018F		400		407
Eagle Rock Energy Partners LP, 8.375%, Due 6/1/2019F		300		307
Endo Pharmaceuticals Holdings, Inc., 7.00%, Due 7/15/2019F		200		210
Energy XXI Gulf Coast, Inc., 9.25%, Due 12/15/2017		805		866
EnergySolutions Inc., 10.75%, Due 8/15/2018		575		608
Euramax International, Inc., 9.50%, Due 4/1/2016F		400		372
EVERTEC, Inc., 11.00%, Due 10/1/2018F		600		635
ExamWorks Group, Inc., 9.00%, Due 7/15/2019F		100		103
Exopack Holding Corp., 10.00%, Due 6/1/2018F		300		302
Expro Finance Luxembourg SCA, 8.50%, Due 12/15/2016F		700		702
FAGE Dairy Industry S.A., 9.875%, Due 2/1/2020F		565		569
First Data Corp.,
9.875%, Due 9/24/2015		51		52
10.55%, Due 9/24/2015		475		494
8.25%, Due 1/15/2021F		224		220
12.625%, Due 1/15/2021F		374		396
FMG Resources August 2006 Property Ltd.,
7.00%, Due 11/1/2015F		300		311
6.875%, Due 2/1/2018F		400		416
Forbes Energy Services Ltd., 9.00%, Due 6/15/2019F		240		240
Ford Motor Credit Co. LLC,
6.625%, Due 8/15/2017B		1,100		1,204
8.125%, Due 1/15/2020B		700		831

	Par Amount		Value
	(000’s)		(000’s)
Freescale Semiconductor, Inc.,
9.25%, Due 4/15/2018F	$	100	$	109
8.05%, Due 2/1/2020F		100		101
10.75%, Due 8/1/2020F		335		378
Frontier Communications Corp.,
8.25%, Due 4/15/2017		200		220
8.50%, Due 4/15/2020		300		329
8.75%, Due 4/15/2022		400		439
GCI, Inc., 8.625%, Due 11/15/2019		370		407
General Motors Corp., 8.375%, Due 7/15/2049		1,570		33
Giant Funding Corp., 8.25%, Due 2/1/2018F		300		316
Goodrich Petroleum Corp., 8.875%, Due 3/15/2019F		500		514
HCA Holdings, Inc., 7.75%, Due 5/15/2021F		200		204
HCA, Inc., 7.50%, Due 2/15/2022		600		609
Helix Energy Solutions Group, Inc., 9.50%, Due 1/15/2016F		355		373
Hilcorp Energy I LP, 8.00%, Due 2/15/2020F		500		540
Hyva Global BV, 8.625%, Due 3/24/2016F		200		204
Ineos Finance plc, 9.00%, Due 5/15/2015F		200		212
Ineos Group Holdings Ltd., 8.50%, Due 2/15/2016F		600		602
Intelsat Jackson Holdings S.A.,
11.25%, Due 6/15/2016		600		639
7.25%, Due 10/15/2020F		100		101
7.50%, Due 4/1/2021F		500		508
Intelsat Luxembourg S.A., 11.50%, Due 2/4/2017F		700		753
International Automotive Components Group SL, 9.125%, Due 6/1/2018F		300		308
inVentiv Health, Inc.,
10.00%, Due 8/15/2018F		1,175		1,146
Jarden Corp., 7.50%, Due 5/1/2017		500		523
JBS USA LLC, 11.625%, Due 5/1/2014B		375		433
Kabel BW Erste Beteiligungs GmbH, 7.50%, Due 3/15/2019F		650		670
Key Energy Services, Inc., 6.75%, Due 3/1/2021		520		537
Kinove German Bondco GmbH, 9.625%, Due 6/15/2018F		300		315
Liberty Tire Recycling, 11.00%, Due 10/1/2016F		525		562
Linn Energy LLC,
6.50%, Due 5/15/2019B F		355		355
8.625%, Due 4/15/2020B		700		775
7.75%, Due 2/1/2021B F		230		245
M/I Homes, Inc., 8.625%, Due 11/15/2018		400		396
MacDermid, Inc., 9.50%, Due 4/15/2017F		1,025		1,078
Mandalay Resort Group, 7.625%, Due 7/15/2013		500		501
Marina District Finance Co. Inc, 9.875%, Due 8/15/2018		425		435
MedAssets, Inc., 8.00%, Due 11/15/2018F		300		303
Media General, Inc., 11.75%, Due 2/15/2017		400		377
MEMC Electronic Materials, Inc., 7.75%, Due 4/1/2019F		225		215
MGM Resorts International, 6.625%, Due 7/15/2015		900		865
Michaels Stores, Inc., 7.75%, Due 11/1/2018		600		600
Midwest Gaming Borrower LLC, 11.625%, Due 4/15/2016B F		625		681
Midwest Vanadium Property Ltd., 11.50%, Due 2/15/2018F		415		421
Momentive Performance Materials, Inc., 9.00%, Due 1/15/2021		465		479
Mylan, Inc., 7.875%, Due 7/15/2020F		700		777
Nalco Co., 6.625%, Due 1/15/2019F		465		522
National CineMedia LLC, 7.875%, Due 7/15/2021B F		350		361
NBTY, Inc., 9.00%, Due 10/1/2018		300		321
NCL Corp Ltd.,
11.75%, Due 11/15/2016		100		116

	Par Amount		Value
	(000’s)		(000’s)
9.50%, Due 11/15/2018F	$	200	$	220
Neff Rental LLC, 9.625%, Due 5/15/2016B F		345		333
NewPage Corp., 11.375%, Due 12/31/2014		600		540
NII Capital Corp., 7.625%, Due 4/1/2021		310		326
Norske Skogindustrier ASA, 6.125%, Due 10/15/2015F		1,100		857
Nortek, Inc., 8.50%, Due 4/15/2021F		95		89
Novasep Holding SAS, 9.75%, Due 12/15/2016F		280		162
Novelis, Inc., 8.75%, Due 12/15/2020		400		445
NPC International, Inc., 9.50%, Due 5/1/2014		625		638
NXP BV, 9.75%, Due 8/1/2018F		300		337
OGX Petroleo e Gas Participacoes S.A., 8.50%, Due 6/1/2018F		450		474
OnCure Holdings, Inc., 11.75%, Due 5/15/2017		475		489
OPTI Canada, Inc., 8.25%, Due 12/15/2014		645		417
Peabody Energy Corp., 7.375%, Due 11/1/2016		500		566
Petco Animal Supplies, Inc., 9.25%, Due 12/1/2018F		990		1,068
Petrohawk Energy Corp.,
10.50%, Due 8/1/2014		200		228
6.25%, Due 6/1/2019F		400		464
Pilgrim’s Pride Corp., 7.875%, Due 12/15/2018F		375		334
Pinnacle Entertainment, Inc., 7.50%, Due 6/15/2015		600		618
Pinnacle Foods Finance LLC, 9.25%, Due 4/1/2015B		600		623
Plains Exploration & Production Co., 10.00%, Due 3/1/2016		500		565
Prestige Brands, Inc., 8.25%, Due 4/1/2018		630		663
Quicksilver Resources, Inc.,
8.25%, Due 8/1/2015		300		318
9.125%, Due 8/15/2019		400		442
Quiksilver, Inc., 6.875%, Due 4/15/2015		405		394
QVC, Inc., 7.50%, Due 10/1/2019F		320		353
Regal Cinemas Corp., 8.625%, Due 7/15/2019		350		376
Reliance Intermediate Holdings LP, 9.50%, Due 12/15/2019F		720		792
Reynolds Group Issuer Inc.,
8.75%, Due 5/15/2018F I		900		863
7.875%, Due 8/15/2019F		375		379
8.25%, Due 2/15/2021F		100		92
Rite Aid Corp., 9.75%, Due 6/12/2016		1,280		1,417
Rotech Healthcare, Inc., 10.50%, Due 3/15/2018		335		329
Ryerson, Inc., 12.00%, Due 11/1/2015		295		313
SandRidge Energy, Inc.,
9.875%, Due 5/15/2016F		400		444
8.00%, Due 6/1/2018F		700		742
Shea Homes LP, 8.625%, Due 5/15/2019F		300		299
Shingle Springs Tribal Gaming Authority, 9.375%, Due 6/15/2015F		400		276
Simmons Foods, Inc., 10.50%, Due 11/1/2017F		500		526
Sitel LLC, 11.50%, Due 4/1/2018B		400		359
Smurfit Kappa Treasury Funding Ltd., 7.50%, Due 11/20/2025		900		872
Solo Cup Co., 8.50%, Due 2/15/2014		300		282
Spectrum Brands Holdings, Inc., 9.50%, Due 6/15/2018		325		362
Sprint Capital Corp., 8.75%, Due 3/15/2032		440		476
Sprint Nextel Corp., 8.375%, Due 8/15/2017		800		873
Station Casinos, Inc.,
6.875%, Due 3/1/2016H		500		0
7.75%, Due 8/15/2016H		500		0
Sterling Merger, Inc., 11.00%, Due 10/1/2019F		100		104
SunCoke Energy, Inc., 7.625%, Due 8/1/2019F		100		103
SunGard Data Systems, Inc.,

	Par Amount		Value
	(000’s)		(000’s)
10.25%, Due 8/15/2015	$	100	$	104
7.625%, Due 11/15/2020		600		611
Symbion, Inc., 8.00%, Due 6/15/2016F		250		243
Telesat Canada, 12.50%, Due 11/1/2017B		450		528
The Goodyear Tire & Rubber Co., 8.25%, Due 8/15/2020		700		768
The Hertz Corp.,
7.50%, Due 10/15/2018F		300		310
6.75%, Due 4/15/2019F		400		400
The Manitowoc Co. Inc,
9.50%, Due 2/15/2018		600		660
8.50%, Due 11/1/2020		100		109
Ticketmaster Entertainment LLC, 10.75%, Due 8/1/2016B		700		763
Titan International, Inc., 7.875%, Due 10/1/2017F		440		469
TransUnion LLC, 11.375%, Due 6/15/2018B		300		343
Trimas Corp., 9.75%, Due 12/15/2017		200		220
tw telecom holdings, Inc., 8.00%, Due 3/1/2018		325		349
UCI International, Inc., 8.625%, Due 2/15/2019		450		461
United Rentals North America, Inc., 8.375%, Due 9/15/2020		300		312
United Surgical Partners International, Inc., 9.25%, Due 5/1/2017G		600		629
Univision Communications, Inc.,
6.875%, Due 5/15/2019F		175		174
7.875%, Due 11/1/2020F		500		516
Vedanta Resources plc, 8.25%, Due 6/7/2021F		240		248
VimpelCom Holdings BV, 7.504%, Due 3/1/2022F		260		260
Virgolino de Oliveira Finance Ltd., 10.50%, Due 1/28/2018F		400		434
Visant Corp., 10.00%, Due 10/1/2017		1,220		1,260
Vulcan Materials Co., 7.50%, Due 6/15/2021		200		201
W&T Offshore, Inc., 8.50%, Due 6/15/2019F		200		208
WCA Waste Corp., 7.50%, Due 6/15/2019F		380		380
West Corp., 7.875%, Due 1/15/2019F		700		698
Wind Acquisition Finance S.A.,
11.75%, Due 7/15/2017F		575		638
7.25%, Due 2/15/2018F		325		324
Wind Acquisition Holdings Finance S.A., 12.25%, Due 7/15/2017F		241		268
WMG Acquisition Corp., 9.50%, Due 6/15/2016		500		531
Yonkers Racing Corp., 11.375%, Due 7/15/2016F		325		353
				98,725
Utilities - 7.09%
Calpine Corp.,
7.875%, Due 7/31/2020F		100		106
7.50%, Due 2/15/2021F		600		621
Copano Energy LLC, 7.125%, Due 4/1/2021B		200		205
Crosstex Energy LP, 8.875%, Due 2/15/2018		500		544
Dynegy Holdings, Inc., 8.375%, Due 5/1/2016		300		215
Elwood Energy LLC, 8.159%, Due 7/5/2026B		611		614
Energy Future Holdings Corp., 5.55%, Due 11/15/2014		410		303
Energy Future Intermediate Holding Co. LLC, 10.00%, Due 12/1/2020B		608		642
Enterprise Products Operating LLC, 7.034%, Due 1/15/2068B		1,210		1,274
Genesis Energy LP, 7.875%, Due 12/15/2018F		435		443
Inergy LP, 7.00%, Due 10/1/2018		410		418
Martin Midstream Partners LP, 8.875%, Due 4/1/2018		820		860
NRG Energy, Inc., 7.875%, Due 5/15/2021F		335		338
Regency Energy Partners LP,
9.375%, Due 6/1/2016		475		531
6.875%, Due 12/1/2018		45		48

	Par Amount		Value
	(000’s)		(000’s)
6.50%, Due 7/15/2021	$	400	$	416
Targa Resources Partners LP, 6.875%, Due 2/1/2021F		440		440
Texas Competitive Electric Holdings Co. LLC,
10.25%, Due 11/1/2015B		300		146
11.50%, Due 10/1/2020B F		400		370
15.00%, Due 4/1/2021B F		400		292
The AES Corp.,
9.75%, Due 4/15/2016		50		57
7.375%, Due 7/1/2021F		200		207
				9,090
Total Corporate Obligations (Cost $115,085)				119,392
CONVERTIBLE OBLIGATIONS - 0.89%
Finance - 0.29%
E*Trade Financial Corp., %, Due 8/31/2019		240		369
Hotels, Restaurants & Leisure - 0.60%
Horizon Lines, Inc., 4.25%, Due 8/15/2012		1,025		770
Total Convertible Obligations (Cost $1,104)				1,139

	Shares
SHORT-TERM INVESTMENTS - 2.70% (Cost $3,462)
JPMorgan U.S. Government Money Market Fund		3,462,370		3,462
TOTAL INVESTMENTS - 97.55% (Cost 122,503)				125,008
OTHER ASSETS, NET OF LIABILITIES - 2.45%				3,130
TOTAL NET ASSETS - 100.00%			$	128,138
Percentages are stated as a percent of net assets.

A	Non-income producing security.
B	Limited Liability Corporation.
C	Warrant
D	Put
E	Call
F	Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $57,674 or 45.01% of net assets. The Fund has no right to demand registration of these securities
G	Is Payment in Kind
H	In Default
I	The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due date on these types of securities reflects the final maturity date.

American Beacon Retirement Income and Appreciation Fund
July 31, 2011 (Unaudited)

	Shares		Value
	(000’s)		(000’s)
COMMON STOCKS - 4.59%
ENERGY- 0.52%
Energy Equipment & Services - 0.28%
Baker Hughes, Inc.	$	5,500	$	426
Oil & Gas - 0.24%
Occidental Petroleum Corp.		3,800		373
FINANCIALS- 0.77%
Diversified Financials - 0.53%
Affiliated Managers Group, Inc.A		3,700		386
T Rowe Price Group, Inc.		7,700		437
				823
Insurance - 0.24%
MetLife, Inc.		4,800		374
HEALTH CARE- 0.49%
Health Care Equipment & Supplies - 0.49%
C.R. Bard, Inc.		3,750		370
Covidien plc		7,500		381
				751
INDUSTRIALS- 0.63%
Aerospace & Defense - 0.12%
United Technologies Corp.		2,150		178
Industrial Conglomerates - 0.27%
Siemens AG, ADRB		3,250		414
Machinery - 0.24%
Eaton Corp.		7,800		374
INFORMATION TECHNOLOGY- 1.85%
Computers & Peripherals - 0.26%
Dell, Inc.A		25,000		407
IT Consulting & Services - 0.30%
Accenture plc, Class A		7,770		460
Semiconductor Equipment & Products - 0.54%
QUALCOMM, Inc.		15,100		827
Software - 0.75%
Autodesk, Inc.		9,500		327
Microsoft Corp.		12,000		329
Oracle Corp.		17,000		519
				1,175
MATERIALS- 0.33%
Metals & Mining - 0.33%
Barrick Gold Corp.		10,700		509
Total Common Stocks (Cost $6,817)				7,091
CONVERTIBLE PREFERRED STOCKS - 0.40% (Cost $486)
CONSUMER STAPLES- 0.40%
Food Products - 0.40%
Bunge Ltd.		6,058		618
PREFERRED STOCKS - 1.02%
ENERGY- 0.89%

	Shares		Value
	(000’s)		(000’s)
Energy - 0.76%
Apache Corp.	$	11,750	$	766
NextEra Energy, Inc.		8,000		408
				1,174
Oil & Gas - 0.13%
Chesapeake Energy Corp.C		150		207
FINANCIALS- 0.13%
Diversified Financials - 0.13%
AMG Capital Trust I		4,150		197
Total Preferred Stocks (Cost $1,430)				1,578

	Par Amount		Value
	(000’s)		(000’s)
CORPORATE OBLIGATIONS - 35.47%
Finance - 16.97%
AEGON Funding Co. LLC, 5.75%, Due 12/15/2020E		250		272
American Express Credit Corp., 2.75%, Due 9/15/2015		125		127
American International Group, Inc., 6.40%, Due 12/15/2020		575		631
ANZ National International Ltd., 2.375%, Due 12/21/2012C		300		305
Bank of America Corp.,
7.80%, Due 9/15/2016		600		692
7.625%, Due 6/1/2019		875		1,031
Bank One Corp., 4.90%, Due 4/30/2015		250		271
Barclays Bank plc,
3.90%, Due 4/7/2015		290		303
6.75%, Due 5/22/2019		300		339
BNP Paribas S.A., 3.60%, Due 2/23/2016		280		284
Citigroup, Inc.,
1.176%, Due 4/1/2014D		300		297
0.552%, Due 11/5/2014D		300		288
8.50%, Due 5/22/2019		1,250		1,572
CME Group, Inc., 5.40%, Due 8/1/2013		230		250
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 4.20%, Due 5/13/2014C		200		215
Credit Suisse, 5.30%, Due 8/13/2019		350		377
Danske Bank A/S, 1.299%, Due 4/14/2014C D		600		600
Deutsche Bank AG/London, 3.875%, Due 8/18/2014		275		290
Fifth Third Bancorp, 3.625%, Due 1/25/2016		275		282
General Electric Capital Corp.,
0.446%, Due 1/8/2016D		1,033		998
5.625%, Due 5/1/2018		250		279
6.00%, Due 8/7/2019		300		339
5.50%, Due 1/8/2020		650		714
HSBC Finance Corp., 0.499%, Due 1/15/2014D		850		835
ING Bank N.V., 5.125%, Due 5/1/2015C		300		316
Janus Capital Group, Inc., 6.70%, Due 6/15/2017D		125		138
JPMorgan Chase & Co.,
3.70%, Due 1/20/2015		500		523
5.50%, Due 10/15/2040		350		351
JPMorgan Chase Bank NA, 0.580%, Due 6/13/2016C D		375		349
Leucadia National Corp.,
8.125%, Due 9/15/2015		100		110
7.125%, Due 3/15/2017		192		200
Lincoln National Corp., 4.75%, Due 2/15/2014		105		113

	Par Amount		Value
	(000’s)		(000’s)
Lloyds TSB Bank plc, 4.375%, Due 1/12/2015C	$	300	$	307
Merrill Lynch & Co. Inc, 6.11%, Due 1/29/2037		275		256
MetLife Institutional Funding II, 1.146%, Due 4/4/2014C D		800		802
MetLife, Inc., 6.375%, Due 6/15/2034		400		448
Monumental Global Funding III, 0.449%, Due 1/15/2014C D		300		290
Morgan Stanley,
0.729%, Due 10/15/2015D		900		845
7.30%, Due 5/13/2019		280		322
5.625%, Due 9/23/2019		450		469
National Australia Bank Ltd., 4.375%, Due 12/10/2020C		250		250
Nationwide Building Society, 5.50%, Due 7/18/2012C		450		469
Nordea Bank AB,
2.50%, Due 11/13/2012C		250		254
4.875%, Due 1/27/2020C		250		263
PNC Funding Corp., 4.375%, Due 8/11/2020		260		269
Pricoa Global Funding I, 5.40%, Due 10/18/2012C		150		158
Prudential Financial, Inc., 7.375%, Due 6/15/2019		250		303
Simon Property Group LP, 10.35%, Due 4/1/2019		300		423
Societe Generale S.A.,
2.20%, Due 9/14/2013C		250		248
1.296%, Due 4/11/2014C D		1,200		1,176
The Bear Stearns Cos. LLC, 7.25%, Due 2/1/2018 E		925		1,113
The Goldman Sachs Group, Inc.,
5.35%, Due 1/15/2016		475		515
6.25%, Due 9/1/2017		550		612
6.00%, Due 6/15/2020		435		472
The Travelers Cos., Inc., 3.90%, Due 11/1/2020		130		129
UBS AG, 5.875%, Due 12/20/2017		275		307
UnitedHealth Group, Inc., 3.875%, Due 10/15/2020		250		253
Wachovia Corp.,
0.619%, Due 10/15/2016D		600		561
5.75%, Due 2/1/2018		900		1,014
				26,219
Industrials - 16.68%
Advanced Micro Devices, Inc.,
8.125%, Due 12/15/2017		130		138
7.75%, Due 8/1/2020		175		184
Altria Group, Inc., 4.75%, Due 5/5/2021		300		310
America Movil SAB de CV, 6.375%, Due 3/1/2035		275		309
American Axle & Manufacturing, Inc., 7.875%, Due 3/1/2017		400		409
American Honda Finance Corp.,
4.625%, Due 4/2/2013C		325		343
3.875%, Due 9/21/2020C		125		126
Anheuser-Busch InBev Worldwide, Inc.,
5.00%, Due 4/15/2020		290		326
8.00%, Due 11/15/2039		100		143
Apache Corp., 5.10%, Due 9/1/2040		130		132
AT&T, Inc.,
5.50%, Due 2/1/2018		750		859
6.80%, Due 5/15/2036		125		146
6.40%, Due 5/15/2038		125		140
Bio-Rad Laboratories, Inc., 8.00%, Due 9/15/2016		275		308
BP Capital Markets plc, 3.20%, Due 3/11/2016		280		294
Burlington Northern Santa Fe LLC,
5.75%, Due 3/15/2018 E		325		375

	Par Amount		Value
	(000’s)		(000’s)
5.75%, Due 5/1/2040 E	$	140	$	151
Calfrac Holdings LP, 7.50%, Due 12/1/2020C		775		797
Canadian National Railway Co., 5.55%, Due 5/15/2018		250		289
Canadian Natural Resources Ltd., 6.25%, Due 3/15/2038		275		316
Caterpillar Financial Services Corp.,
1.90%, Due 12/17/2012		100		102
4.25%, Due 2/8/2013		250		264
2.75%, Due 6/24/2015		280		295
Coca-Cola Refreshments USA, Inc., 7.375%, Due 3/3/2014		150		175
Comcast Cable Communications Holdings, Inc., 8.375%, Due 3/15/2013		109		122
Comcast Corp., 6.55%, Due 7/1/2039		400		452
Comstock Resources, Inc., 8.375%, Due 10/15/2017		300		318
Concho Resources Inc/Midland TX, 8.625%, Due 10/1/2017		275		303
ConocoPhillips,
4.60%, Due 1/15/2015		200		223
5.20%, Due 5/15/2018		325		370
CSX Corp., 5.50%, Due 4/15/2041		250		259
CVS Caremark Corp., 3.25%, Due 5/18/2015		140		147
Daimler Finance North America LLC,
5.75%, Due 9/8/2011 E		250		251
3.00%, Due 3/28/2016 EC		150		154
Darling International, Inc., 8.50%, Due 12/15/2018		61		67
Dean Foods Co., 9.75%, Due 12/15/2018C		400		428
DISH DBS Corp., 7.875%, Due 9/1/2019		300		330
EOG Resources, Inc., 2.50%, Due 2/1/2016		250		256
Equinix, Inc., 7.00%, Due 7/15/2021		400		416
Exide Technologies, 8.625%, Due 2/1/2018C		350		357
France Telecom S.A., 2.125%, Due 9/16/2015		125		127
GlaxoSmithKline Capital, Inc., 5.65%, Due 5/15/2018		125		146
Hanesbrands, Inc., 8.00%, Due 12/15/2016		300		330
Hewlett-Packard Co., 2.20%, Due 12/1/2015		250		255
HollyFrontier Corp., 9.875%, Due 6/15/2017		140		157
Home Depot, Inc., 4.40%, Due 4/1/2021		300		314
iGate Corp., 9.00%, Due 5/1/2016C		300		300
International Business Machines Corp., 7.625%, Due 10/15/2018		150		195
Jabil Circuit, Inc., 8.25%, Due 3/15/2018		325		373
Jaguar Land Rover plc, 7.75%, Due 5/15/2018C		400		406
Jarden Corp.,
7.50%, Due 5/1/2017		30		31
7.50%, Due 1/15/2020		120		126
Johnson Controls, Inc., 5.00%, Due 3/30/2020		300		327
Kellogg Co., 4.25%, Due 3/6/2013		250		264
Liberty Media LLC, 8.25%, Due 2/1/2030 E		450		442
McKesson Corp., 3.25%, Due 3/1/2016		140		148
MEMC Electronic Materials, Inc., 7.75%, Due 4/1/2019C		383		366
Norfolk Southern Corp., 5.75%, Due 4/1/2018		325		375
Northrop Grumman Corp., 5.05%, Due 8/1/2019		150		165
Perry Ellis International, Inc., 7.875%, Due 4/1/2019		210		218
Petrobras International Finance Co., 3.875%, Due 1/27/2016		200		207
Petroleos Mexicanos, 6.00%, Due 3/5/2020		300		334
Quest Diagnostics, Inc., 4.75%, Due 1/30/2020		125		134
Qwest Capital Funding, Inc., 7.75%, Due 2/15/2031		250		256
Royal Caribbean Cruises Ltd., 7.50%, Due 10/15/2027		500		505
Seagate HDD Cayman, 6.875%, Due 5/1/2020C		350		351
Service Corp International, 7.00%, Due 5/15/2019		225		240

	Par Amount		Value
	(000’s)		(000’s)
SESI LLC, 6.875%, Due 6/1/2014	$	435	$	441
Shell International Finance BV, 3.10%, Due 6/28/2015		280		299
Spirit Aerosystems, Inc., 7.50%, Due 10/1/2017		450		479
Swift Energy Co., 7.125%, Due 6/1/2017		375		386
Telefonica Emisiones SAU, 6.421%, Due 6/20/2016		300		329
Terex Corp., 8.00%, Due 11/15/2017		125		127
The Boeing Co., 1.875%, Due 11/20/2012		250		254
Thomson Reuters Corp., 4.70%, Due 10/15/2019		125		136
Time Warner Cable, Inc., 5.85%, Due 5/1/2017		650		746
Time Warner, Inc.,
4.875%, Due 3/15/2020		150		161
4.75%, Due 3/29/2021		325		342
Triumph Group, Inc., 8.00%, Due 11/15/2017		300		321
Tyco International Finance S.A., 3.75%, Due 1/15/2018		275		287
Union Pacific Corp., 4.163%, Due 7/15/2022C		262		268
United Technologies Corp., 6.125%, Due 7/15/2038		165		195
Verizon Communications, Inc.,
5.50%, Due 4/1/2017		250		289
4.60%, Due 4/1/2021		340		365
6.90%, Due 4/15/2038		325		394
Vodafone Group plc, 6.15%, Due 2/27/2037		275		313
W&T Offshore, Inc., 8.50%, Due 6/15/2019C		425		441
Wal-Mart Stores, Inc., 7.55%, Due 2/15/2030		350		459
WESCO Distribution, Inc., 7.50%, Due 10/15/2017		—		—
Xerox Corp.,
5.65%, Due 5/15/2013		75		81
8.25%, Due 5/15/2014		150		175
				25,764
Utilities - 1.82%
Commonwealth Edison Co., 4.00%, Due 8/1/2020		135		138
Consolidated Edison Co. of New York, Inc., 5.50%, Due 12/1/2039		300		325
Duke Energy Carolinas LLC, 5.10%, Due 4/15/2018 E		250		282
EDF S.A., 4.60%, Due 1/27/2020C		300		321
FirstEnergy Solutions Corp., 4.80%, Due 2/15/2015		150		163
Midamerican Energy Holdings Co., 6.125%, Due 4/1/2036		275		311
Pacific Gas & Electric Co.,
6.25%, Due 12/1/2013		175		195
3.50%, Due 10/1/2020		250		247
Progress Energy, Inc., 4.875%, Due 12/1/2019		350		381
TransCanada PipeLines Ltd., 6.10%, Due 6/1/2040		140		159
Virginia Electric and Power Co., 5.40%, Due 4/30/2018		250		288
				2,810
Total Corporate Obligations (Cost $51,788)				54,793
CONVERTIBLE OBLIGATIONS - 12.76%
Basic Materials - 0.78%
Goldcorp, Inc., 2.00%, Due 8/1/2014		225		281
Newmont Mining Corp.,
3.00%, Due 2/15/2012		50		62
1.25%, Due 7/15/2014		425		566
1.625%, Due 7/15/2017		220		303
				1,212
Communications - 1.83%
Anixter International, Inc., 1.00%, Due 2/15/2013		610		703
Liberty Media LLC, 3.125%, Due 3/30/2023		295		345

	Par Amount		Value
	(000’s)		(000’s)
Omnicom Group, Inc., 0%, Due 7/1/2038	$	400	$	435
priceline.com, Inc., 1.25%, Due 3/15/2015C		300		554
Symantec Corp., 1.00%, Due 6/15/2013		660		786
				2,823
Consumer Discretionary - 0.37%
Archer-Daniels-Midland Co., 0.875%, Due 2/15/2014		400		420
International Game Technology, 3.25%, Due 5/1/2014		128		156
				576
Energy - 0.53%
Chesapeake Energy Corp., 2.75%, Due 11/15/2035		700		815
Finance - 0.46%
Janus Capital Group, Inc., 3.25%, Due 7/15/2014		301		313
Leucadia National Corp., 3.75%, Due 4/15/2014		250		398
				711
Health Care - 0.83%
Illumina, Inc., 0.25%, Due 3/15/2016C		950		942
LifePoint Hospitals, Inc., 3.50%, Due 5/15/2014		325		341
				1,283
Industrials - 2.42%
Alpha Natural Resources, Inc., 2.375%, Due 4/15/2015		300		346
Danaher Corp., 0.01%, Due 1/22/2021		370		528
General Cable Corp., 0.875%, Due 11/15/2013		400		420
Hologic, Inc., 2.00%, Due 12/15/2037D		660		736
Molson Coors Brewing Co., 2.50%, Due 7/30/2013		150		164
ON Semiconductor Corp., 2.625%, Due 12/15/2026		300		333
Stanley Black & Decker, Inc., 0.01%, Due 5/17/2012D		275		304
The Interpublic Group of Cos., Inc.,
4.25%, Due 3/15/2023		425		443
4.75%, Due 3/15/2023		90		105
Tyson Foods, Inc., 3.25%, Due 10/15/2013		300		364
				3,743
Information Technology - 0.10%
SYNNEX Corp., 4.00%, Due 5/15/2018		132		150
Pharmaceuticals - 1.75%
Endo Pharmaceuticals Holdings, Inc., 1.75%, Due 4/15/2015		250		343
Gilead Sciences, Inc., 1.625%, Due 5/1/2016C		885		1,037
Life Technologies Corp., 1.50%, Due 2/15/2024		246		261
Mylan, Inc., 1.25%, Due 3/15/2012		705		744
Salix Pharmaceuticals Ltd., 2.75%, Due 5/15/2015		275		311
				2,696
Technology - 3.69%
CACI International, Inc., 2.125%, Due 5/1/2014		230		278
Electronic Arts, Inc., 0.75%, Due 7/15/2016C		373		370
EMC Corp/Massachusetts, 1.75%, Due 12/1/2013		900		1,499
Intel Corp., 3.25%, Due 8/1/2039C		500		593
Lam Research Corp., 1.25%, Due 5/15/2018C		400		384
Linear Technology Corp., 3.00%, Due 5/1/2027		295		306
Microsoft Corp., %, Due 6/15/2013C		300		310
Rovi Corp., 2.625%, Due 2/15/2040		81		104
SanDisk Corp.,
1.00%, Due 5/15/2013		375		362
1.50%, Due 8/15/2017		625		672
Xilinx, Inc.,

	Par Amount		Value
	(000’s)		(000’s)
2.625%, Due 6/15/2017	$	525	$	647
3.125%, Due 3/15/2037		150		171
				5,696
Total Convertible Obligations (Cost $17,839)				19,705
OTHER GOVERNMENT OBLIGATIONS - 0.58%
Private Export Funding Corp., 2.125%, Due 7/15/2016		300		306
Province of Ontario Canada,
4.10%, Due 6/16/2014		300		326
3.15%, Due 12/15/2017		250		261
Total Other Government Obligations (Cost $849)				893
ASSET-BACKED SECURITIES - 2.62%
BMW Floorplan Master Owner Trust, 1.337%, Due 9/15/2014, 2009-1A AC D		250		252
Citibank Credit Card Issuance Trust, 1.737%, Due 5/15/2014, 2009-A2 A2D		600		607
Discover Card Master Trust, 1.487%, Due 2/17/2015, 2009-A2 AD		200		202
Ford Credit Floorplan Master Owner Trust, 1.737%, Due 9/15/2014, 2009-2 AD		1,800		1,824
Harley-Davidson Motorcycle Trust, 1.87%, Due 2/15/2014, 2009-4 A3		243		244
Nissan Master Owner Trust Receivables, 1.337%, Due 1/15/2015, 2010-AA AC D		600		606
Volkswagen Auto Loan Enhanced Trust, 6.24%, Due 7/20/2015, 2008-2 A4A		300		314
Total Asset-Backed Securities (Cost $4,025)				4,049
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 3.57%
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
5.317%, Due 9/10/2047, 2006-5 A2		248		250
5.634%, Due 4/10/2049, 2007-2 A2		424		432
GS Mortgage Securities Corp II,
4.607%, Due 7/10/2039, 2005-GG4 A3		270		274
3.849%, Due 12/10/2043, 2010-C2C		641		661
3.645%, Due 3/10/2044, 2011-GC3 A2		750		768
JP Morgan Chase Commercial Mortgage Securities Corp.,
4.678%, Due 7/15/2042, 2005-LDP2 A3A		236		242
3.853%, Due 6/15/2043, 2010-C1 A1C		537		562
4.388%, Due 2/16/2046, 2011-C3A A3C		650		677
5.741%, Due 2/12/2049, 2007-CB19 A4		400		431
5.629%, Due 2/12/2051, 2007-CB20 A2		483		495
LB-UBS Commercial Mortgage Trust, 5.424%, Due 2/15/2040, 2007-C1 A4		450		486
Wachovia Bank Commercial Mortgage Trust, 5.738%, Due 6/15/2049, 2007-C32 A2		234		242
Total Non-Agency Mortgage-Backed Obligations (Cost $5,376)				5,520
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 21.88%
Federal Home Loan Mortgage Corporation - 6.26%
5.00%, Due 2/1/2021		430		465
4.50%, Due 4/1/2021		450		482
5.00%, Due 9/1/2035		1,295		1,388
5.50%, Due 4/1/2037		376		409
5.00%, Due 3/1/2038		744		794
5.50%, Due 5/1/2038		459		497
0.586%, Due 12/15/2040 D		1,800		1,793
4.00%, Due 1/1/2041		1,768		1,799
4.50%, Due 2/1/2041		1,968		2,054
				9,681
Federal National Mortgage Association - 4.74%
3.50%, Due 1/1/2026		482		496

	Par Amount		Value
	(000’s)		(000’s)
6.50%, Due 7/1/2032	$	214	$	242
5.50%, Due 6/1/2033		441		482
4.50%, Due 9/1/2034		260		274
5.50%, Due 12/1/2035		512		559
5.00%, Due 2/1/2036		411		441
5.50%, Due 4/1/2036		703		768
5.50%, Due 2/1/2037		507		551
6.00%, Due 9/1/2037		316		348
6.00%, Due 1/1/2038		463		510
4.50%, Due 1/1/2040		1,461		1,527
4.00%, Due 9/1/2040		1,116		1,136
				7,334
Government National Mortgage Association - 7.60%
4.201%, Due 8/16/2026, 2006-9 A		9		9
2.528%, Due 6/16/2034, 2010-10Z		3,000		3,082
1.692%, Due 11/16/2035, 2009-148 A		308		310
2.989%, Due 3/16/2039, 2010-71 AC		750		775
2.543%, Due 9/16/2044, 2011 96 AC		2,700		2,765
3.20%, Due 11/16/2044, 2011 92 B		2,900		2,941
6.00%, Due 2/15/2033		503		565
5.50%, Due 4/15/2033		675		752
5.00%, Due 5/15/2033		480		529
				11,725
National Credit Union Administration - 3.28%
0.586%, Due 3/11/2020, 2011 R3 1AD		2,420		2,425
0.635%, Due 10/7/2020, 2010 R1 1AD		2,629		2,636
				5,061
Total U.S. Agency Mortgage-Backed Obligations (Cost $32,624)				33,801
U.S. TREASURY OBLIGATIONS - 14.02%
U.S. Treasury Bonds - 4.14%
6.25%, Due 8/15/2023		1,500		1,963
6.875%, Due 8/15/2025		250		348
5.25%, Due 11/15/2028		1,050		1,260
4.75%, Due 2/15/2037		420		468
4.50%, Due 8/15/2039		2,210		2,355
				6,394
U.S. Treasury Notes - 9.88%
2.625%, Due 7/31/2014		7,000		7,429
2.25%, Due 1/31/2015		1,400		1,473
3.125%, Due 10/31/2016		1,300		1,409
4.25%, Due 8/15/2015		1,200		1,358
3.75%, Due 11/15/2018		1,050		1,165
3.625%, Due 2/15/2020		1,325		1,440
2.625%, Due 11/15/2020		1,000		991
				15,265
Total U.S. Treasury Obligations (Cost $20,863)				21,659

	Shares
SHORT-TERM INVESTMENTS - 3.96% (Cost $6,116)
JPMorgan U.S. Government Money Market Fund		6,115,833	6,116
TOTAL INVESTMENTS - 100.87% (Cost 148,213)			155,823

	Shares	Value
		(000’s)
LIABILITIES, NET OF OTHER ASSETS — (0.87%)			(1,338	)
TOTAL NET ASSETS - 100.00%		$	154,485

Percentages are stated as a percent of net assets.
A	Non-income producing security.
B	ADR — American Depositary Receipt
C	Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $17,815 or 11.54% of net assets. The Fund has no right to demand registration of these securities
D	The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due date on these types of securities reflects the final maturity date. E Limit Liability Company.

American Beacon Intermediate Bond Fund
July 31, 2011 (Unaudited)

	Par Amount		Value
	(000’s)		(000’s)
CORPORATE OBLIGATIONS - 44.66%
Finance - 20.37%
AEGON Funding Co. LLC, 5.75%, Due 12/15/2020A	$	400	$	435
Aflac, Inc., 8.50%, Due 5/15/2019		240		303
American Express Co., 8.15%, Due 3/19/2038		325		455
American Express Credit Corp.,
5.125%, Due 8/25/2014		835		917
2.75%, Due 9/15/2015		225		228
American International Group, Inc., 6.40%, Due 12/15/2020		800		878
ANZ National International Ltd., 2.375%, Due 12/21/2012B		350		356
Bank of America Corp.,
4.50%, Due 4/1/2015		415		434
7.80%, Due 9/15/2016		700		807
7.625%, Due 6/1/2019		1,200		1,414
Bank One Corp., 4.90%, Due 4/30/2015		500		542
Barclays Bank plc,
3.90%, Due 4/7/2015		380		397
6.75%, Due 5/22/2019		350		395
BNP Paribas S.A., 3.60%, Due 2/23/2016		400		406
Canadian Imperial Bank of Commerce, 1.45%, Due 9/13/2013		670		675
Capital One Financial Corp., 2.125%, Due 7/15/2014		465		467
Citigroup, Inc.,
1.176%, Due 4/1/2014C		400		396
0.552%, Due 11/5/2014C		380		364
6.01%, Due 1/15/2015		605		673
6.125%, Due 11/21/2017		355		398
8.50%, Due 5/22/2019		1,650		2,074
CME Group, Inc., 5.40%, Due 8/1/2013		260		282
CNA Financial Corp., 7.35%, Due 11/15/2019		210		245
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA,
4.20%, Due 5/13/2014B		600		646
2.125%, Due 10/13/2015		510		512
Credit Suisse, 5.30%, Due 8/13/2019		425		458
Danske Bank A/S, 1.299%, Due 4/14/2014B C		780		780
Deutsche Bank AG, 3.875%, Due 8/18/2014		400		422
Fifth Third Bancorp, 3.625%, Due 1/25/2016		400		410
General Electric Capital Corp.,
0.446%, Due 1/8/2016C		1,300		1,255
5.40%, Due 2/15/2017		405		454
5.625%, Due 5/1/2018		795		887
6.00%, Due 8/7/2019		350		396
5.50%, Due 1/8/2020		800		878
5.875%, Due 1/14/2038		745		767
HCP, Inc., 5.375%, Due 2/1/2021		500		535
HSBC Finance Corp., 0.499%, Due 1/15/2014C		1,100		1,081
ING Bank N.V., 5.125%, Due 5/1/2015B		250		263
JPMorgan Chase & Co.,
3.70%, Due 1/20/2015		1,655		1,730
5.50%, Due 10/15/2040		425		426
JPMorgan Chase Bank NA, 0.580%, Due 6/13/2016B C		480		447
KeyCorp, 5.10%, Due 3/24/2021		245		256
Liberty Mutual Group, Inc., 5.00%, Due 6/1/2021B		390		382
Lincoln National Corp., 4.75%, Due 2/15/2014		50		54

	Par Amount		Value
	(000’s)		(000’s)
Lloyds TSB Bank plc,
4.375%, Due 1/12/2015B	$	375	$	384
6.375%, Due 1/21/2021		260		274
Merrill Lynch & Co. Inc,
6.40%, Due 8/28/2017		940		1,038
6.50%, Due 7/15/2018		520		572
6.11%, Due 1/29/2037		360		336
MetLife Institutional Funding II, 1.146%, Due 4/4/2014B C		600		601
MetLife, Inc.,
5.00%, Due 11/24/2013		620		670
6.375%, Due 6/15/2034		500		560
Monumental Global Funding III, 0.449%, Due 1/15/2014B C		375		363
Morgan Stanley,
0.729%, Due 10/15/2015C		1,180		1,108
7.30%, Due 5/13/2019		370		425
5.625%, Due 9/23/2019		600		626
National Australia Bank Ltd., 4.375%, Due 12/10/2020B		425		426
Nationwide Building Society, 5.50%, Due 7/18/2012B		550		574
Nordea Bank AB,
2.50%, Due 11/13/2012B		400		407
4.875%, Due 1/27/2020B		450		473
PNC Funding Corp.,
4.25%, Due 9/21/2015		910		988
4.375%, Due 8/11/2020		410		425
Pricoa Global Funding I, 5.40%, Due 10/18/2012B		175		184
Prudential Financial, Inc.,
5.10%, Due 9/20/2014		255		281
7.375%, Due 6/15/2019		450		545
Simon Property Group LP, 10.35%, Due 4/1/2019		375		529
Societe Generale S.A.,
2.20%, Due 9/14/2013B		450		447
1.296%, Due 4/11/2014B C		900		881
State Street Corp.,
4.30%, Due 5/30/2014		285		310
2.875%, Due 3/7/2016		705		727
SunTrust Banks, Inc., 3.60%, Due 4/15/2016		245		251
The Bank of New York Mellon Corp.,
1.50%, Due 1/31/2014		475		482
4.30%, Due 5/15/2014		395		430
The Bear Stearns Cos. LLC, 7.25%, Due 2/1/2018A		2,145		2,580
The Goldman Sachs Group, Inc.,
5.35%, Due 1/15/2016		800		867
6.25%, Due 9/1/2017		800		891
5.95%, Due 1/18/2018		660		720
6.00%, Due 6/15/2020		490		532
6.75%, Due 10/1/2037		345		345
The Travelers Cos., Inc., 3.90%, Due 11/1/2020		210		209
Travelers Property Casualty Corp., 5.00%, Due 3/15/2013		805		856
UBS AG, 5.875%, Due 12/20/2017		400		446
UnitedHealth Group, Inc.,
4.875%, Due 2/15/2013		650		687
3.875%, Due 10/15/2020		425		431
US Bancorp, 1.375%, Due 9/13/2013		775		782
Wachovia Corp.,
0.619%, Due 10/15/2016C		750		701
5.75%, Due 2/1/2018		1,150		1,296

	Par Amount		Value
	(000’s)		(000’s)
Wells Fargo & Co., 4.60%, Due 4/1/2021	$	470	$	489
Westpac Banking Corp., 2.25%, Due 11/19/2012		375		382
Willis North America, Inc., 6.20%, Due 3/28/2017		280		311
				54,422
Industrials - 18.74%
Air Products & Chemicals, Inc., 2.00%, Due 8/2/2016		180		180
Altria Group, Inc.,
9.70%, Due 11/10/2018		375		505
4.75%, Due 5/5/2021		390		403
America Movil SAB de CV, 6.375%, Due 3/1/2035		375		421
American Honda Finance Corp.,
4.625%, Due 4/2/2013B		250		264
3.875%, Due 9/21/2020B		225		227
Analog Devices, Inc., 3.00%, Due 4/15/2016		460		479
Anheuser-Busch InBev Worldwide, Inc.,
1.50%, Due 7/14/2014		560		565
5.00%, Due 4/15/2020		380		427
8.00%, Due 11/15/2039		175		251
Apache Corp., 5.10%, Due 9/1/2040		200		203
Applied Materials, Inc., 2.65%, Due 6/15/2016		415		426
AT&T, Inc.,
5.10%, Due 9/15/2014		880		975
5.50%, Due 2/1/2018		975		1,117
6.80%, Due 5/15/2036		225		262
6.40%, Due 5/15/2038		200		224
5.35%, Due 9/1/2040		283		282
Baxter International, Inc., 1.80%, Due 3/15/2013		270		275
Becton Dickinson and Co., 3.25%, Due 11/12/2020		475		465
BP Capital Markets plc, 3.20%, Due 3/11/2016		990		1,037
Burlington Northern Santa Fe LLC,
5.75%, Due 3/15/2018A		600		693
7.95%, Due 8/15/2030A		180		239
5.75%, Due 5/1/2040A		190		205
Cameron International Corp., 6.375%, Due 7/15/2018		225		262
Canadian National Railway Co., 5.55%, Due 5/15/2018		400		462
Canadian Natural Resources Ltd., 6.25%, Due 3/15/2038		360		413
Caterpillar Financial Services Corp.,
1.90%, Due 12/17/2012		100		102
4.25%, Due 2/8/2013		250		264
6.125%, Due 2/17/2014		600		677
2.75%, Due 6/24/2015		380		400
Cellco Partnership, 8.50%, Due 11/15/2018		460		612
Cliffs Natural Resources, Inc., 4.875%, Due 4/1/2021		280		292
Coca-Cola Refreshments USA, Inc., 7.375%, Due 3/3/2014		175		204
Comcast Cable Communications Holdings, Inc., 8.375%, Due 3/15/2013		128		143
Comcast Corp.,
6.30%, Due 11/15/2017		465		551
5.875%, Due 2/15/2018		235		271
6.55%, Due 7/1/2039		500		565
ConocoPhillips,
4.60%, Due 1/15/2015		550		613
5.20%, Due 5/15/2018		600		682
Cooper US, Inc.,
2.375%, Due 1/15/2016		480		490
3.875%, Due 12/15/2020		315		324

	Par Amount		Value
	(000’s)		(000’s)
Covidien International Finance S.A., 2.80%, Due 6/15/2015	$	500	$	521
CSX Corp., 5.50%, Due 4/15/2041		425		440
CVS Caremark Corp., 3.25%, Due 5/18/2015		190		200
Daimler Finance North America LLC,
5.75%, Due 9/8/2011A		200		201
3.00%, Due 3/28/2016A B		190		196
DIRECTV Holdings LLC,
3.55%, Due 3/15/2015A		525		557
6.35%, Due 3/15/2040A		145		158
Eaton Corp., 5.60%, Due 5/15/2018		380		436
eBay, Inc., 0.875%, Due 10/15/2013		335		335
Ensco plc, 4.70%, Due 3/15/2021		350		368
EOG Resources, Inc., 2.50%, Due 2/1/2016		425		435
Express Scripts, Inc., 6.25%, Due 6/15/2014		610		685
Fiserv, Inc., 3.125%, Due 6/15/2016		250		255
France Telecom S.A.,
4.375%, Due 7/8/2014		385		418
2.125%, Due 9/16/2015		225		228
General Electric Capital Corp., 5.30%, Due 2/11/2021		240		256
Genzyme Corp., 5.00%, Due 6/15/2020		235		261
GlaxoSmithKline Capital, Inc., 5.65%, Due 5/15/2018		125		146
Health Care REIT, Inc.,
3.625%, Due 3/15/2016		295		302
5.25%, Due 1/15/2022		345		358
Hewlett-Packard Co., 2.20%, Due 12/1/2015		425		433
Home Depot, Inc., 4.40%, Due 4/1/2021		400		419
Hospira, Inc., 6.05%, Due 3/30/2017		205		237
International Business Machines Corp., 7.625%, Due 10/15/2018		745		969
ITT Corp., 4.90%, Due 5/1/2014		615		674
John Deere Capital Corp., 4.90%, Due 9/9/2013		650		703
Johnson Controls, Inc., 5.00%, Due 3/30/2020		480		523
Kellogg Co., 4.25%, Due 3/6/2013		250		264
Koninklijke Philips Electronics N.V., 5.75%, Due 3/11/2018		465		533
Lorillard Tobacco Co., 8.125%, Due 6/23/2019		255		306
Marathon Oil Corp., 6.00%, Due 10/1/2017		475		556
Marathon Petroleum Corp., 3.50%, Due 3/1/2016B		420		437
McKesson Corp., 3.25%, Due 3/1/2016		200		211
Medtronic, Inc., 3.00%, Due 3/15/2015		915		967
Norfolk Southern Corp., 5.75%, Due 4/1/2018		300		347
Northrop Grumman Corp., 5.05%, Due 8/1/2019		200		221
Novartis Capital Corp., 2.90%, Due 4/24/2015		780		826
PepsiCo, Inc., 2.50%, Due 5/10/2016		590		607
Petrobras International Finance Co.,
3.875%, Due 1/27/2016		505		524
6.875%, Due 1/20/2040		110		126
Petroleos Mexicanos, 6.00%, Due 3/5/2020		375		417
Quest Diagnostics, Inc., 4.75%, Due 1/30/2020		225		241
Rio Tinto Finance USA Ltd., 2.50%, Due 5/20/2016		475		488
Rogers Communications, Inc., 5.50%, Due 3/15/2014		475		526
Sanofi,
1.625%, Due 3/28/2014		665		678
4.00%, Due 3/29/2021		495		515
Shell International Finance BV, 3.10%, Due 6/28/2015		380		406
Simon Property Group LP, 5.75%, Due 12/1/2015		645		730
Teck Resources Ltd., 6.00%, Due 8/15/2040		205		214

	Par Amount		Value
	(000’s)		(000’s)
Telecom Italia Capital S.A., 4.95%, Due 9/30/2014	$	245	$	247
Telefonica Emisiones SAU,
3.992%, Due 2/16/2016		255		256
6.421%, Due 6/20/2016		450		494
Teva Pharmaceutical Finance II, 3.00%, Due 6/15/2015		470		492
The Boeing Co., 1.875%, Due 11/20/2012		400		407
The Coca-Cola Co., 0.75%, Due 11/15/2013		1,115		1,115
The Dow Chemical Co., 4.25%, Due 11/15/2020		430		440
Thomson Reuters Corp., 4.70%, Due 10/15/2019		225		244
Time Warner Cable, Inc.,
5.85%, Due 5/1/2017		800		918
6.75%, Due 7/1/2018		615		732
Time Warner, Inc.,
4.875%, Due 3/15/2020		290		310
4.75%, Due 3/29/2021		350		368
Tyco Electronics Group S.A., 6.55%, Due 10/1/2017		225		269
Tyco International Finance S.A., 3.75%, Due 1/15/2018		400		418
Union Pacific Corp., 4.163%, Due 7/15/2022B		481		492
United Parcel Service, Inc., 3.125%, Due 1/15/2021		475		471
United Technologies Corp., 6.125%, Due 7/15/2038		125		148
Valero Energy Corp.,
9.375%, Due 3/15/2019		170		223
6.625%, Due 6/15/2037		205		222
Verizon Communications, Inc.,
5.50%, Due 4/1/2017		500		578
4.60%, Due 4/1/2021		280		301
6.90%, Due 4/15/2038		500		606
Vodafone Group plc, 6.15%, Due 2/27/2037		360		410
Wal-Mart Stores, Inc.,
7.55%, Due 2/15/2030		400		525
5.625%, Due 4/15/2041		255		282
Xerox Corp.,
5.65%, Due 5/15/2013		50		54
8.25%, Due 5/15/2014		190		223
4.25%, Due 2/15/2015		500		538
				50,089
Utilities - 5.55%
Columbus Southern Power Co., 5.50%, Due 3/1/2013		595		635
Commonwealth Edison Co., 4.00%, Due 8/1/2020		190		194
Consolidated Edison Co. of New York, Inc., 5.50%, Due 12/1/2039		350		379
Dominion Resources, Inc., 1.80%, Due 3/15/2014		840		854
Duke Energy Carolinas LLC, 5.10%, Due 4/15/2018A		400		451
Duke Energy Indiana, Inc., 6.05%, Due 6/15/2016		450		521
EDF S.A., 4.60%, Due 1/27/2020B		580		620
Energy Transfer Partners LP,
8.50%, Due 4/15/2014		605		705
9.00%, Due 4/15/2019		300		379
Enterprise Products Operating LLC,
5.65%, Due 4/1/2013A		555		594
6.125%, Due 10/15/2039A		350		374
Exelon Generation Co. LLC,
5.20%, Due 10/1/2019A		350		374
6.25%, Due 10/1/2039A		365		392
FirstEnergy Solutions Corp., 4.80%, Due 2/15/2015		175		190
Midamerican Energy Holdings Co.,

	Par Amount		Value
	(000’s)		(000’s)
5.875%, Due 10/1/2012	$	605	$	640
6.125%, Due 4/1/2036		375		425
National Rural Utilities Cooperative Finance Corp., 1.125%, Due 11/1/2013		485		487
ONEOK Partners LP, 6.125%, Due 2/1/2041		500		538
Pacific Gas & Electric Co.,
6.25%, Due 12/1/2013		150		167
3.50%, Due 10/1/2020		450		445
Progress Energy, Inc., 4.875%, Due 12/1/2019		450		491
Sempra Energy, 6.50%, Due 6/1/2016		325		386
Southern Power Co., 6.25%, Due 7/15/2012		550		579
Spectra Energy Capital LLC,
5.668%, Due 8/15/2014A		320		356
5.65%, Due 3/1/2020A		265		290
Spectra Energy Partners LP, 4.60%, Due 6/15/2021		250		257
TransCanada PipeLines Ltd.,
7.625%, Due 1/15/2039		470		615
6.10%, Due 6/1/2040		290		329
Union Electric Co., 6.70%, Due 2/1/2019		510		613
Virginia Electric and Power Co., 5.40%, Due 4/30/2018		400		461
Westar Energy, Inc., 6.00%, Due 7/1/2014		200		222
Xcel Energy, Inc., 5.613%, Due 4/1/2017		781		882
				14,845
Total Corporate Obligations (Cost $112,469)				119,356
OTHER GOVERNMENT OBLIGATIONS - 0.83%
Federal National Mortgage Association,
5.125%, Due 1/2/2014		385		421
4.625%, Due 10/15/2014		500		559
Private Export Funding Corp., 2.125%, Due 7/15/2016		400		407
Province of Ontario Canada,
4.10%, Due 6/16/2014		350		381
3.15%, Due 12/15/2017		425		443
Total Other Government Obligations (Cost $2,063)				2,211
ASSET-BACKED SECURITIES - 2.96%
BMW Floorplan Master Owner Trust, 1.337%, Due 9/15/2014, 2009-1A AB C		400		403
Citibank Credit Card Issuance Trust, 1.737%, Due 5/15/2014, 2009-A2 A2C		750		760
CNH Equipment Trust, 1.17%, Due 5/15/2015, 2010-C A3		665		667
Discover Card Master Trust, 1.487%, Due 2/17/2015, 2009-A2 AC		600		607
Ford Credit Floorplan Master Owner Trust, 1.737%, Due 9/15/2014, 2009-2 AC		2,400		2,431
Harley-Davidson Motorcycle Trust, 1.87%, Due 2/15/2014, 2009-4 A3		284		285
Honda Auto Receivables Owner Trust, 3.30%, Due 9/15/2015, 2009-3 A4		385		396
Hyundai Auto Receivables Trust, 3.15%, Due 3/15/2016, 2009-A A4		220		228
John Deere Owner Trust,
2.59%, Due 10/15/2013, 2009-A A3		70		70
3.96%, Due 5/16/2016, 2009-A A4		510		523
Nissan Master Owner Trust Receivables, 1.337%, Due 1/15/2015, 2010-AA AB C		750		758
Volkswagen Auto Loan Enhanced Trust, 6.24%, Due 7/20/2015, 2008-2 A4A		300		314
World Omni Auto Receivables Trust, 1.11%, Due 5/15/2015, 2011-A A3		470		471
Total Asset-Backed Securities (Cost $7,858)				7,913
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 4.64%
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
5.317%, Due 9/10/2047, 2006-5 A2		349		352

	Par Amount		Value
	(000’s)		(000’s)
5.634%, Due 4/10/2049, 2007-2 A2	$	554	$	565
Bear Stearns Commercial Mortgage Securities,
5.201%, Due 12/11/2038, 2006-PWR14 A4		790		855
5.54%, Due 9/11/2041, 2006-PW13 A4		1,285		1,409
4.831%, Due 7/11/2042, 2004-PWR5 A4		835		860
Citigroup Commercial Mortgage Trust, 4.38%, Due 10/15/2041, 2004-C2 A3		390		391
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.886%, Due 11/15/2044, 2007-CD5 A4		840		922
GS Mortgage Securities Corp II,
4.607%, Due 7/10/2039, 2005-GG4 A3		380		385
3.679%, Due 8/10/2043, 2010-C1 A1B		570		586
3.849%, Due 12/10/2043, 2010-C2B		789		815
3.645%, Due 3/10/2044, 2011-GC3 A2		750		768
JP Morgan Chase Commercial Mortgage Securities Corp.,
4.678%, Due 7/15/2042, 2005-LDP2 A3A		332		340
3.853%, Due 6/15/2043, 2010-C1 A1B		733		766
4.388%, Due 2/16/2046, 2011-C3A A3B		800		833
4.625%, Due 3/15/2046, 2005-LDP1 A2		299		303
5.741%, Due 2/12/2049, 2007-CB19 A4		550		593
5.629%, Due 2/12/2051, 2007-CB20 A2		659		675
LB-UBS Commercial Mortgage Trust, 5.424%, Due 2/15/2040, 2007-C1 A4		550		595
Wachovia Bank Commercial Mortgage Trust, 5.738%, Due 6/15/2049, 2007-C32 A2		369		381
Total Non-Agency Mortgage-Backed Obligations (Cost $11,597)				12,394
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS - 32.22%
Federal Home Loan Mortgage Corporation - 7.87%
4.50%, Due 3/1/2019		245		260
5.00%, Due 10/1/2020		580		627
3.50%, Due 10/1/2025		1,051		1,082
4.00%, Due 3/15/2026		956		1,018
5.00%, Due 8/1/2033		373		400
5.50%, Due 2/1/2034		457		499
6.00%, Due 8/1/2034		221		245
5.00%, Due 8/1/2035		255		274
5.00%, Due 9/1/2035		648		694
6.00%, Due 8/1/2036		185		204
5.50%, Due 4/1/2037		376		409
5.50%, Due 12/1/2037		1,611		1,754
5.00%, Due 3/1/2038		547		584
6.00%, Due 3/1/2038		919		1,014
5.50%, Due 5/1/2038		573		622
5.50%, Due 6/1/2038		417		452
5.50%, Due 10/1/2039		642		696
5.00%, Due 4/1/2040		4,270		4,562
0.586%, Due 12/15/2040 C		2,400		2,390
4.00%, Due 1/1/2041		1,670		1,699
4.50%, Due 2/1/2041		1,476		1,541
				21,026
Federal National Mortgage Association - 15.91%
6.50%, Due 2/1/2017		96		106
5.00%, Due 12/1/2017		331		357
4.50%, Due 9/1/2018		671		720
4.00%, Due 8/1/2020		169		179
4.50%, Due 4/1/2024		449		481

	Par Amount		Value
	(000’s)		(000’s)
4.50%, Due 3/1/2025	$	3,131	$	3,346
4.50%, Due 5/1/2025		963		1,025
4.50%, Due 6/1/2025		2,373		2,526
3.50%, Due 1/1/2026		578		595
4.00%, Due 5/1/2026		400		420
5.00%, Due 3/1/2034		490		526
5.50%, Due 6/1/2034		271		296
4.50%, Due 9/1/2034		174		183
5.50%, Due 2/1/2035		541		591
5.00%, Due 11/1/2035		686		736
5.50%, Due 12/1/2035		394		430
5.50%, Due 1/1/2036		473		517
5.00%, Due 2/1/2036		411		441
5.50%, Due 4/1/2036		879		959
6.00%, Due 9/1/2036		175		193
6.50%, Due 9/1/2036		652		735
6.50%, Due 12/1/2036		324		364
5.50%, Due 2/1/2037		507		551
5.50%, Due 8/1/2037		1,356		1,480
6.00%, Due 9/1/2037		474		522
6.00%, Due 1/1/2038		740		817
5.50%, Due 3/1/2038		1,339		1,463
5.00%, Due 4/1/2038		486		520
5.00%, Due 6/1/2038		558		596
5.50%, Due 6/1/2038		1,005		1,092
4.50%, Due 1/1/2040		3,246		3,395
5.00%, Due 5/1/2040		3,586		3,832
5.50%, Due 6/1/2040		2,395		2,597
5.00%, Due 7/1/2040		1,997		2,146
4.50%, Due 8/1/2040		2,160		2,258
4.00%, Due 9/1/2040		2,140		2,176
5.00%, Due 1/1/2041		2,108		2,253
4.50%, Due 5/1/2041		1,038		1,085
				42,509
Government National Mortgage Association - 6.48%
4.201%, Due 8/16/2026, 2006-9 A		5		5
6.50%, Due 3/15/2028		227		261
6.00%, Due 4/15/2031		267		301
5.50%, Due 2/20/2034		317		353
2.528%, Due 6/16/2034, 2010-10Z		3,000		3,082
1.692%, Due 11/16/2035, 2009-148 A		443		446
6.00%, Due 10/15/2038		1,252		1,401
2.989%, Due 3/16/2039, 2010-71 AC		1,078		1,114
6.00%, Due 11/15/2039		1,245		1,392
5.50%, Due 2/15/2040		1,044		1,156
4.50%, Due 10/20/2040		1,344		1,433
5.00%, Due 2/20/2041		1,275		1,394
2.543%, Due 9/16/2044, 2011 96 AC		2,200		2,253
3.20%, Due 11/16/2044, 2011 92 B		2,700		2,739
				17,330
National Credit Union Administration - 1.96%
0.586%, Due 3/11/2020, 2011 R3 1AC		2,420		2,425
0.635%, Due 10/7/2020, 2010 R1 1AC		2,809		2,816
				5,241
Total U.S. Agency Mortgage-Backed Obligations (Cost $83,885)				86,106

	Par Amount		Value
	(000’s)		(000’s)
U.S. TREASURY OBLIGATIONS - 14.13%
U.S. Treasury Bonds - 4.55%
6.25%, Due 8/15/2023	$	1,400	$	1,832
6.875%, Due 8/15/2025		770		1,071
5.25%, Due 11/15/2028		750		900
4.75%, Due 2/15/2037		1,300		1,448
4.50%, Due 8/15/2039		2,010		2,142
4.25%, Due 11/15/2040		4,265		4,349
4.75%, Due 2/15/2041		375		415
				12,157
U.S. Treasury Notes - 9.58%
2.625%, Due 7/31/2014		3,000		3,184
2.25%, Due 1/31/2015		1,000		1,052
2.00%, Due 1/31/2016		3,425		3,553
2.00%, Due 4/30/2016		4,665		4,825
3.125%, Due 10/31/2016		1,400		1,518
4.25%, Due 8/15/2015		1,000		1,131
3.75%, Due 11/15/2018		600		666
3.625%, Due 2/15/2020		1,200		1,304
2.625%, Due 11/15/2020		1,000		992
3.625%, Due 2/15/2021		6,385		6,851
3.125%, Due 5/15/2021		525		539
				25,615
Total U.S. Treasury Obligations (Cost $36,490)				37,772
	Shares
SHORT-TERM INVESTMENTS - 1.13% (Cost $3,032)
JPMorgan U.S. Government Money Market Fund		3,032,298		3,032
TOTAL INVESTMENTS - 100.57% (Cost 257,394)				268,784
LIABILITIES, NET OF OTHER ASSETS — (0.57%)				(1,528	)
TOTAL NET ASSETS - 100.00%			$	267,256

Percentages are stated as a percent of net assets.

A	Limited Liability Corporation.
B	Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $14,011 or 5.24% of net assets. The Fund has no right to demand registration of these securities
C	The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due date on these types of securities reflects the final maturity date.

American Beacon Short-Term Bond Fund
July 31, 2011 (Unaudited)

	Par Amount		Value
	(000’s)		(000’s)
CORPORATE OBLIGATIONS - 45.70%
Finance - 24.97%
ABN Amro Bank N.V., 2.023%, Due 1/30/2014A B	$	2,000	$	2,040
American Express Co., 7.25%, Due 5/20/2014		1,000		1,152
American International Group, Inc., 3.65%, Due 1/15/2014		2,000		2,059
ANZ National International Ltd., 1.247%, Due 12/20/2013A B		2,000		2,002
Bank of America Corp.,
1.673%, Due 1/30/2014A		2,000		1,996
0.577%, Due 9/15/2014A		1,290		1,244
Barclays Bank plc, 5.45%, Due 9/12/2012		1,000		1,049
Citigroup, Inc.,
1.176%, Due 4/1/2014A		1,000		990
0.552%, Due 11/5/2014A		2,573		2,466
CME Group, Inc., 5.40%, Due 8/1/2013		250		271
Credit Suisse, 5.00%, Due 5/15/2013		2,000		2,128
Danske Bank A/S, 1.299%, Due 4/14/2014A B		3,000		3,001
HSBC Finance Corp., 0.499%, Due 1/15/2014A		1,000		982
ING Bank N.V., 1.652%, Due 6/9/2014A B		3,000		3,004
Lloyds TSB Bank plc, 2.603%, Due 1/24/2014A		2,000		2,027
MassMutual Global Funding II, 3.625%, Due 7/16/2012B		500		514
MetLife Institutional Funding II, 1.146%, Due 4/4/2014A B		3,000		3,008
Metropolitan Life Global Funding I, 2.875%, Due 9/17/2012B		1,000		1,022
Monumental Global Funding III, 0.449%, Due 1/15/2014A B		1,000		968
Morgan Stanley, 0.729%, Due 10/15/2015A		3,000		2,817
National Australia Bank Ltd., 1.202%, Due 7/25/2014A B		3,000		2,998
Nationwide Building Society, 5.50%, Due 7/18/2012B		1,000		1,043
Pricoa Global Funding I, 5.40%, Due 10/18/2012B		500		527
Prudential Financial, Inc., 4.50%, Due 7/15/2013		1,000		1,054
Societe Generale S.A., 1.296%, Due 4/11/2014A B		2,000		1,958
Svenska Handelsbanken AB, 4.875%, Due 6/10/2014B		1,500		1,626
The Goldman Sachs Group, Inc.,
4.75%, Due 7/15/2013		2,000		2,114
0.653%, Due 7/22/2015A		1,000		954
Wachovia Bank NA, 0.653%, Due 11/3/2014A		1,000		967
				47,981
Industrials - 17.61%
American Honda Finance Corp., 4.625%, Due 4/2/2013B		1,000		1,055
Anheuser-Busch InBev Worldwide, Inc.,
3.00%, Due 10/15/2012		1,000		1,027
2.50%, Due 3/26/2013		1,000		1,027
BP Capital Markets plc, 0.850%, Due 3/11/2014A		3,000		3,006
Burlington Northern Santa Fe LLC, 4.875%, Due 1/15/2015C		1,000		1,110
Caterpillar Financial Services Corp., 4.25%, Due 2/8/2013		500		527
Cellco Partnership, 5.25%, Due 2/1/2012		1,000		1,023
Comcast Cable Communications Holdings, Inc., 8.375%, Due 3/15/2013		1,365		1,524
Daimler Finance North America LLC,
5.75%, Due 9/8/2011C		1,000		1,005
0.856%, Due 3/28/2014A B C		2,000		2,001
Devon Financing Corp ULC, 6.875%, Due 9/30/2011		1,000		1,010
EOG Resources Canada, Inc., 4.75%, Due 3/15/2014B		1,000		1,076
France Telecom S.A., 4.375%, Due 7/8/2014		1,000		1,087
General Mills, Inc., 5.25%, Due 8/15/2013		1,000		1,085
Hewlett-Packard Co.,
4.50%, Due 3/1/2013A		1,000		1,061

	Par Amount		Value
	(000’s)		(000’s)
0.654%, Due 5/30/2014A	$	1,000	$	1,006
John Deere Capital Corp., 5.25%, Due 10/1/2012		1,000		1,055
Johnson Controls, Inc., 1.75%, Due 3/1/2014		500		507
Kraft Foods, Inc., 5.625%, Due 11/1/2011		64		65
Nissan Motor Acceptance Corp., 4.50%, Due 1/30/2015B		1,000		1,066
Quest Diagnostics, Inc., 1.096%, Due 3/24/2014A		1,000		1,007
Telefonica Emisiones SAU, 0.603%, Due 2/4/2013A		1,000		983
Time Warner Cable, Inc., 5.40%, Due 7/2/2012		1,000		1,043
Tyco International Finance S.A., 4.125%, Due 10/15/2014		500		538
Union Pacific Corp.,
6.50%, Due 4/15/2012		500		520
5.45%, Due 1/31/2013		1,000		1,068
Verizon Communications, Inc., 0.856%, Due 3/28/2014A		3,000		3,031
Volkswagen International Finance N.V.,
1.625%, Due 8/12/2013B		1,000		1,010
0.856%, Due 4/1/2014A B		2,000		2,006
Xerox Corp., 5.65%, Due 5/15/2013		300		323
				33,852
Utilities - 3.12%
Dominion Resources, Inc., 5.70%, Due 9/17/2012		1,000		1,056
DTE Energy Co., 0.955%, Due 6/3/2013A		1,000		1,004
EDF S.A., 5.50%, Due 1/26/2014B		1,000		1,101
Midamerican Energy Holdings Co., 3.15%, Due 7/15/2012		1,000		1,024
NextEra Energy Capital Holdings, Inc., 0.668%, Due 11/9/2012A		1,000		1,004
Pacific Gas & Electric Co., 6.25%, Due 12/1/2013		730		814
				6,003
Total Corporate Obligations (Cost $87,555)				87,836
OTHER GOVERNMENT OBLIGATIONS - 1.56% (Cost $3,000)
Finance — 1.56%
Dexia Credit Local, 0.652%, Due 3/5/2013A B		3,000		2,992
ASSET-BACKED SECURITIES — 19.30%
Ally Master Owner Trust,
1.937%, Due 1/15/2015, 2010-1 AA B		3,500		3,560
0.817%, Due 5/15/2016, 2011-3 A1A		2,000		2,000
Bank of America Auto Trust,
2.67%, Due 7/15/2013, 2009-1A A3B		385		387
2.13%, Due 9/15/2013, 2009-2A A3B		495		498
BMW Floorplan Master Owner Trust, 1.337%, Due 9/15/2014, 2009-1A AA B		2,000		2,018
Capital One Multi-Asset Execution Trust, 4.70%, Due 6/15/2015, 2005-A7 A7		2,300		2,398
CarMax Auto Owner Trust,
0.83%, Due 11/15/2012, 2010-1 A2		86		86
0.72%, Due 11/15/2013, 2011-1 A2		1,000		1,000
Chase Issuance Trust, 1.737%, Due 4/15/2014, 2009-A2 A2A		2,000		2,022
Discover Card Master Trust, 1.487%, Due 2/17/2015, 2009-A2 AA		2,000		2,024
Ford Credit Auto Owner Trust, 2.17%, Due 10/15/2013, 2009-D A3		623		628
Ford Credit Floorplan Master Owner Trust,
1.737%, Due 9/15/2014, 2009-2 AA		3,200		3,240
0.787%, Due 2/15/2016, 2011-1 A2A		2,000		1,992
GE Capital Credit Card Master Note Trust, 3.69%, Due 7/15/2015, 2009-2 A		4,300		4,424
GE Equipment Midticket LLC, 2.34%, Due 6/17/2013, 2009-1 A3C		370		372
GE Equipment Small Ticket LLC, 1.45%, Due 1/21/2018, 2011-1 A3B C		1,000		1,008
GE Equipment Transportation LLC, 1.00%, Due 11/20/2013, 2011-1 A3C		2,000		2,001
Harley-Davidson Motorcycle Trust, 5.52%, Due 11/15/2013, 2007-3 A4		768		784

	Par Amount		Value
	(000’s)		(000’s)
Honda Auto Receivables Owner Trust, 2.31%, Due 5/15/2013, 2009-3 A3	$	749	$	754
Mercedes-Benz Auto Receivables Trust, 0.70%, Due 8/15/2012, 2010-1 A2		132		132
Nissan Auto Lease Trust,
1.12%, Due 12/15/2013, 2010-B A3		1,000		1,004
2.07%, Due 1/15/2015, 2009-B A3		677		678
Nissan Master Owner Trust Receivables, 1.337%, Due 1/15/2015, 2010-AA AA B		3,000		3,031
Volkswagen Auto Loan Enhanced Trust, 6.24%, Due 7/20/2015, 2008-2 A4A		1,000		1,047
Total Asset-Backed Securities (Cost $36,947)				37,088
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 2.02%
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
4.561%, Due 11/10/2041, 2004-5 A3		826		828
5.634%, Due 4/10/2049, 2007-2 A2		521		531
GS Mortgage Securities Corp II, 2.716%, Due 2/10/2021, 2011-ALF AB		1,500		1,500
JP Morgan Chase Commercial Mortgage Securities Corp., 3.853%, Due 6/15/2043, 2010-C1 A1B		977		1,023
Total Non-Agency Mortgage-Backed Obligations (Cost $3,852)				3,882
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS — 28.11%
Government National Mortgage Association — 21.59%
4.968%, Due 12/16/2021, 2006-18 A		64		64
4.201%, Due 8/16/2026, 2006-9 A		25		25
1.864%, Due 8/16/2031, 2010-141 A		3,516		3,549
2.239%, Due 12/16/2031, 2009-115 IO		2,957		3,016
2.25%, Due 5/16/2033, 2011-92 A		4,000		4,078
2.528%, Due 6/16/2034, 2010-10Z		4,000		4,107
2.25%, Due 8/16/2034, 2011-78 A		2,495		2,543
2.21%, Due 11/16/2034, 2011-16 A		2,969		3,026
1.692%, Due 11/16/2035, 2009-148 A		2,953		2,972
2.21%, Due 12/16/2035, 2011-31 A		2,976		3,034
2.782%, Due 6/16/2036, 2010-13 AD		1,930		1,994
3.069%, Due 6/16/2036, 2010-52 A		2,859		2,999
2.161%, Due 11/16/2036, 2011-96 AB		3,000		3,052
2.45%, Due 7/16/2038, 2011-49 A		2,985		3,060
2.989%, Due 3/16/2039, 2010-71 AC		1,874		1,938
3.210%, Due 10/16/2039, 2010-22 AB		1,951		2,039
				41,496
National Credit Union Administration — 6.52%
0.635%, Due 1/8/2020, 2011 R1 1AA		1,019		1,021
0.585%, Due 2/6/2020, 2011 R2 1AA		1,806		1,807
0.586%, Due 3/11/2020, 2011 R3 1AA		7,503		7,516
0.565%, Due 4/6/2020, 2011 R5 1AA		1,473		1,474
1.84%, Due 10/7/2020, 2010-R1 2A		713		721
				12,539
Total U.S. Agency Mortgage-Backed Obligations (Cost $53,558)				54,035
U.S. TREASURY OBLIGATIONS — 3.56%
U.S. Treasury Note,
2.50%, Due 3/31/2015,		4,500		4,778
1.75%, Due 7/31/2015,		2,000		2,064
Total U.S. Treasury Obligations (Cost $6,519)				6,842

	Shares		Value
			(000’s)
SHORT-TERM INVESTMENTS - 0.99% (Cost $1,895)
JPMorgan U.S. Government Money Market Fund		1,895,114		1,895
TOTAL INVESTMENTS - 101.24% (Cost 193,326)				194,570
LIABILITIES, NET OF OTHER ASSETS - (1.24%)				(2,367	)
TOTAL NET ASSETS - 100.00%			$	192,203
Percentages are stated as a percent of net assets.

A	The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due date on these types of securities reflects the final maturity date.
B	Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $49,043 or 25.52% of net assets. The Fund has no right to demand registration of these securities
C	Limited Liability Corporation.

AMERICAN BEACON FUNDS
SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

Security Valuation

     Investments are valued at the close of the New York Stock Exchange (the “Exchange”), normally 4 p.m. ET, each day that the Exchange is open for business. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade.

     Debt securities (other than short-term securities) normally are valued on the basis of prices provided by an independent pricing service and may take into account appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Prices of debt securities may be determined using quotes obtained from brokers.

     Investments in mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation. Investment grade short-term obligations with 60 days or less to maturity are valued using the amortized cost method, which approximates market value.

     Securities for which the market prices are not readily available or are not reflective of the fair value of the security, as determined by the Manager, will be priced at a fair value following procedures approved by the Board of Trustees (the “Board”).

     Futures are valued based upon the last sale price at the close of market on the principal exchange on which they are traded.

     Most foreign markets close before the Exchange. Developments that could affect the values of securities that occur between the close of a foreign market and the close of the Exchange normally will not be reflected in security valuations. If such developments are so significant such that they will, in the judgment of the pricing committee of the Funds, clearly and materially affect the value of securities, the foreign market closing prices may be adjusted to reflect the fair value of the securities as of the close of the Exchange, as determined in good faith and pursuant to procedures approved by the Board. Adjustments to closing prices to reflect fair value on affected foreign securities may be provided by an independent pricing service.

     Various inputs may be used to determine the value of the Funds’ investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. Level 2 securities are fixed-income securities that are valued using observable inputs as stated above.

Level 3 — Prices determined using significant unobservable inputs. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

For the Emerging Markets and International Equity Funds for the period October 31, 2010 through July 31, 2011, common stock with a value of $55,114 and $1,055,172, respectively was transferred from Level 1 to Level 2 as

the end of the period in accordance with fair value procedures established by the Board at July, 31, 2011. Of the total investments at July 31, 2011, for the Emerging Markets and International Equity Funds $55,357 or 36.6% and $1,055,172 or 74.5%, respectively, were valued at fair value based on procedures established by the Board.

     The Funds’ investments are summarized by level based on the inputs used to determine their values. As of July 31, 2011 the Funds’ investments were classified as follows (in thousands):

Balanced Fund	Level 1			Level 2		Level 3		Total
Common Stock	$	490,023		$	—	$	—	$	490,023
Preferred Stock		2,884			—		—		2,884
U.S. Treasury Obligations		—			48,692		—		48,692
Corporate Obligations		—			129,088		—		129,088
Municipal Obligations		—			2,593		—		2,593
Non-Agency Mortgage Backed Obligations		—			10,370		—		10,370
Asset Backed Securities		—			6,420		—		6,420
U.S. Agency Mortgage Backed Obligations		—			69,837		—		69,837
Other Government Obligations		—			42,904		—		42,904
Short Term Investments		25,342			4,661		—		30,003
Total Investments in Securities	$	518,249		$	314,565	$	—	$	832,814
Futures Contracts	$	(818	)		—		—	$	(818	)
Large Cap Value Fund	Level 1			Level 2		Level 3		Total
Common Stock	$	8,300,692		$	—	$	—	$	8,300,692
Preferred Stock		41,642			—				41,642
Short Term Investments		177,703			—		—		177,703
Total Investments in Securities	$	8,520,037		$	—	$	—	$	8,520,037
Futures Contracts	$	(1,484	)		—		—	$	(1,484	)
Large Cap Growth Fund	Level 1			Level 2		Level 3		Total
Common Stock	$	90,550		$	—	$	—	$	90,550
Short Term Investments		15,793			—		—		15,793
Total Investments in Securities	$	106,343		$	—	$	—	$	106,343
Futures Contracts	$	(447	)		—		—	$	(447	)
Mid-Cap Value Fund	Level 1			Level 2		Level 3		Total
Common Stock	$	97,196		$	—	$	—	$	97,196
Short Term Investments		605			—		—		605
Total Investments in Securities	$	97,801		$	—	$	—	$	97,801
Futures Contracts	$	(39	)		—		—	$	(39	)
Small Cap Value Fund	Level 1			Level 2		Level 3		Total
Common Stock	$	3,127,982		$	—	$	—	$	3,127,982
Security Lending Collateral		183,445			—		—		183,445

Small Cap Value Fund	Level 1			Level 2		Level 3		Total
Short Term Investments		90,449			—		—		90,449
Total Investments in Securities	$	3,401,876		$	—	$	—	$	3,401,876
Futures Contracts	$	(2,044	)		—		—	$	(2,044	)
International Equity	Level 1			Level 2		Level 3		Total
Common Stocks	$	313,051		$	1,055,172	$	—	$	1,368,223
Short Term Investments		34,119			—		—		34,119
Securities Lending Collateral		14,746			—		—		14,746
Total Investments in Securities	$	361,916		$	1,055,172	$	—	$	1,417,088
Forward Exchange Contracts — Liabilities		(1,029	)		—		—		(1,029	)
Futures Contracts		528			—		—		528
Emerging Markets Fund	Level 1			Level 2		Level 3		Total
Common Stock	$	87,861		$	54,081	$	—	$	141,942
Preferred Stocks		2,769			1,276				4,045
Short Term Investments		5,298			—		—		5,298
Total Investments in Securities	$	95,928		$	55,357	$	—	$	151,285
Futures Contracts		(133	)		—		—		(133	)
High Yield Bond	Level 1			Level 2		Level 3		Total
Common Stocks	$	544		$	—	$	—	$	544
Preferred Stocks		327			144		—		471
Corporate Obligations		—			119,392		—		119,392
Convertible Obligations		—			1,139		—		1,139
Short Term Investments		3,462			—		—		3,462
Total Investments in Securities	$	4,333		$	120,675	$	—	$	125,008
Retirement Income and Appreciation Fund	Level 1			Level 2		Level 3		Total
Common Stocks	$	7,091		$	—	$	—	$	7,091
Convertible Preferred Stock		618			—		—		618
Preferred Stock		1,578			—		—		1,578
Corporate Obligations		—			54,793		—		54,793
Convertible Obligations		—			19,705		—		19,705
Non-Agency Mortgage Backed Obligations		—			5,520		—		5,520
Asset-Backed Obligations		—			4,049		—		4,049
U.S. Agency Mortgage Backed Obligations		—			33,801		—		33,801
Other Government Obligations		—			893		—		893
U.S. Treasury Obligations		—			21,659		—		21,659
Short Term Investments		6,116			—		—		6,116
Total Investments in Securities	$	15,403		$	140,420	$	—	$	155,823
Intermediate Bond Fund	Level 1			Level 2		Level 3		Total
Corporate Obligations		—			119,356		—		119,356
Non-Agency Mortgage Backed Obligations		—			12,394		—		12,394
Asset-Backed Securities		—			7,913		—		7,913

Intermediate Bond Fund	Level 1		Level 2		Level 3		Total
U.S. Agency Mortgage Backed Obligations		—		86,106		—		86,106
Other Government Obligations		—		2,211		—		2,211
U.S. Treasury Obligations		—		37,772		—		37,772
Short Term Investments		3,032		—		—		3,032
Total Investments in Securities	$	3,032	$	265,752	$	—	$	268,784
Short-Term Bond Fund	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	87,836	$	—	$	87,836
Non-Agency Mortgage Backed Obligations		—		3,882		—		3,882
Asset-Backed Securities		—		37,088		—		37,088
Other Government Obligations		—		2,992		—		2,992
U.S. Agency Mortgage-Backed Obligations		—		54,035		—		54,035
U.S. Treasury Obligations		—		6,842		—		6,842
Short Term Investments		1,895		—		—		1,895
Total Investments in Securities	$	1,895	$	192,675	$	—	$	194,570

     The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Currency Translation

     All assets and liabilities initially expressed in foreign currency values are converted into U.S. dollar values at the mean of the bid and ask prices of such currencies against U.S. dollars as last quoted by a recognized dealer.

Futures Contracts

     Futures contracts are contracts to buy or sell a standard quantity of securities at a specified price on a future date. The Funds may enter into financial futures contracts as a method for keeping assets readily convertible to cash if needed to meet shareholder redemptions or for other needs while maintaining exposure to the stock or bond market, as applicable. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

     Upon entering into a futures contract, the Funds are required to set aside or deposit with a broker an amount, termed the initial margin, which typically represents 5% of the face value of the futures contract. The initial margin amount is reflected as a Deposit with broker for futures contracts on the Statements of Assets and Liabilities. Payments to and from the broker, known as variation margin, are required to be made on a daily basis as the price of the futures contract fluctuates. Changes in initial settlement values are accounted for as unrealized appreciation (depreciation) until the contracts are terminated, at which time realized gains and losses are recognized. Futures contracts are valued at the most recent settlement price established each day by the exchange on which they are traded.

Securities Lending

     The Small Cap Value and International Equity Funds may lend its securities to qualified financial institutions, such as certain broker-dealers, to earn additional income. The borrowers are required to secure their loans continuously with collateral in an amount at least equal to the fair value of the securities loaned and initially in an amount at least equal to 102% of the fair value of domestic securities loaned and 105% of the fair value of international securities loaned. Collateral is marked to market and monitored daily. To the extent that a loan is collateralized by cash, such collateral shall be invested by the securities lending agent (the “Agent”) in

short-term instruments, money market mutual funds, and such other short-term investments, provided the investments meet certain quality and diversification requirements.

     Risks to the Fund in securities lending transactions are that the borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

Cost of Investments for Federal Income Tax Purposes

     As of July 31, 2011, the cost of investments for federal income tax purposes was as follows (in thousands):

	Cost of Investments							Net Unrealized
	for Federal Income		Unrealized		Unrealized			Appreciation /
	Tax Purposes		Appreciation		Depreciation			(Depreciation)
Balanced	$	819,971	$	81,015	$	(68,172	)	$	12,843
Large Cap Value		8,628,080		755,797		(863,840	)		(108,043	)
Large Cap Growth		89,567		18,267		(1,491	)		16,776
Mid-Cap Value		86,906		13,297		(2,402	)		10,895
Small Cap Value		3,018,361		536,708		(153,193	)		383,515
International Equity		1,298,146		236,825		(117,883	)		118,942
Emerging Markets		144,776		19,945		(13,436	)		6,509
Retirement Income and Appreciation		148,458		8,178		(813	)		7,365
High Yield Bond		122,971		7,788		(5,751	)		2,037
Intermediate Bond		257,405		11,830		(451	)		11,379
Short-Term Bond		193,327		1,918		(675	)		1,243

ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon an evaluation within 90 days of the filing date of this report, the principal executive and financial officers concluded that the disclosure controls and procedures of the Trust are effective.

(b) There were no changes in the Trust’s internal control over financial reporting during the Trust’s last fiscal quarter that materially affected, or were reasonably likely to materially affect, the Trust’s internal control over financial reporting.

ITEM 3. EXHIBITS.

(a) A separate certification for each principal executive officer and principal financial officer of the Trust as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERICAN BEACON FUNDS
By:	/s/ Gene L. Needles, Jr.
	Gene L. Needles, Jr.
	President

Date: September 29, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Gene L. Needles, Jr.
	Gene L. Needles, Jr.
	President

Date: September 29, 2011

By:	/s/ Melinda G. Heika
	Melinda G. Heika
	Treasurer

Date: September 29, 2011